Saudi Arabia, South Korea sign oil agreement

The South Korean Ministry of Trade announced on Monday in Seoul that Riyadh and Seoul signed an agreement on bilateral cooperation in the field of oil.

A statement by the Korean ministry said that South Korean Minister of Commerce, Industry and Energy Chung Tok-ku and Saudi Oil Minister Ali al-Nueimi on Sunday signed an agreement which aims at guaranteeing the stability of oil prices.

The statement added that the ministry asked Saudi Arabia to continue its efforts to ensure the stability of the international oil market on the grounds of the interests of the oil-producing and consuming countries.