Traders Eye Key Trade Talks That May Boost Mideast Oil to Korea
- S. Korea will resume discussions with Middle Eastern nations
- Possible deal may impact levy imposed on crude from producers
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Oil traders are turning their focus to a potential trade agreement between South Korea and some major Persian Gulf producers that may reduce prices of Middle Eastern crude in the months to come.
South Korea’s trade ministry has signed an agreement to resume free-trade agreement negotiations with Gulf Cooperation Council members for the first time in about a decade, according to a statement on its website. While any agreement remains some way off, traders are already paying close attention to a possible deal that may remove or lower a 3% levy imposed on imported crude, possibly boosting the Asian nation’s intake from the oil-rich region.