South Korea has secured the right to receive a minimum 250,000 barrels of crude oil from Iraq per day during crisis situations in a move that can better insulate Seoul from supply shortfalls, the government said Thursday, Yonhap reported.
The agreement, reached at the South Korea-Iraq summit held earlier in the day, comes as Seoul has pushed to raise its self-sufficiency in fossil fuel resources in recent years. As of last year, the country had secured overseas oil and natural gas fields equal to 10.8 percent of the annual domestic demand.