Korea and Abu Dhabi national oil company made a deal to reserve one billion barrels of oil. Korea has a big significance upon oil. They want to secure energy resources to be a better country than China and India. This deal will be finalised next year and raise Korea's oil import up to 10 to 15 % of consumption.
As South Korea has a great importance about oil, this deal with Abu Dhabi national oil company will be helping the economy of Korea. Couple weeks ago, Korea was trying to save electricity to save money for rising oil price. The government of Korea decided to turn off the lights of entire Seoul, which gave many people difficulties for that moment. After the deal, South Korea does not have to worry about oil anymore.
http://www.bbc.co.uk/news/business-12729294
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