• 3 hours U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 5 hours Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 7 hours Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 9 hours Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 12 hours Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 13 hours TransCanada Boasts Long-Term Commitments For Keystone XL
  • 15 hours Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 22 hours Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 1 day Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 1 day Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 1 day Venezuelan Output Drops To 28-Year Low In 2017
  • 1 day OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 2 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 2 days Kinder Morgan Delays Trans Mountain Launch Again
  • 2 days Shell Inks Another Solar Deal
  • 2 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 2 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 2 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 2 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 2 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 3 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 3 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 3 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 3 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 3 days Norway Grants Record 75 New Offshore Exploration Leases
  • 3 days China’s Growing Appetite For Renewables
  • 3 days Chevron To Resume Drilling In Kurdistan
  • 4 days India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 4 days India’s Reliance Boosts Export Refinery Capacity By 30%
  • 4 days Nigeria Among Worst Performers In Electricity Supply
  • 4 days ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 4 days Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 4 days Saudis To Award Nuclear Power Contracts In December
  • 4 days Shell Approves Its First North Sea Oil Project In Six Years
  • 4 days China Unlikely To Maintain Record Oil Product Exports
  • 4 days Australia Solar Power Additions Hit Record In 2017
  • 5 days Morocco Prepares $4.6B Gas Project Tender
  • 5 days Iranian Oil Tanker Sinks After Second Explosion
  • 7 days Russia To Discuss Possible Exit From OPEC Deal
  • 7 days Iranian Oil Tanker Drifts Into Japanese Waters As Fires Rage On
Alt Text

The Death Of Europe’s Coal Industry

A recent report suggests that…

Alt Text

Federal Regulators Deal Huge Blow To The Coal Industry

The Federal Energy Regulatory Commission…

China Ups Pressure On North Korea With Ban On Coal Imports

Coal

China's Ministry of Commerce said that Beijing will halt imports of coal, iron, iron ore and seafood from North Korea starting on Tuesday, cutting an important economic lifeline for the Pyongyang regime, as it implemented a package of sanctions passed by the United Nations Security Council on August 6.

China accounts for roughly 90 percent of North Korean trade but moved earlier in February to suspend North Korea’s coal imports until the end of the year. Coal normally accounts for about half of North Korea’s exports, but despite the coal ban, overall trade between the two countries remained healthy according to WaPo.

Last month, China announced that imports from North Korea fell to $880 million in the six months that ended in June, down 13 percent from a year earlier. Notably, China’s coal imports from North Korea dropped precipitously, with only 2.7 million tons being shipped in the first half of 2017, down 75 percent from 2016. But a 29 percent spike in Chinese exports to North Korea — North Korea bought $1.67 billion worth of Chinese products in the first six months of the year — helped push total trade between the two countries up 10 percent between January and June, compared with the same period last year.

While the latest move to halt imports of iron, iron ore, lead and lead ore, and seafood products will put significantly more pressure on Pyongyang, it is unlikely to be enough to convince Pyongyang to abandon its nuclear program, which it sees as essential to its own survival, experts say.

The announcement comes after days of increasingly bellicose rhetoric between President Trump and North Korean leader Kim Jong-un, which however appears to have moderated somewhat in the past 48 hours when contrary to some expectations, there were no escalations - and no missile or nuclear tests by North Korea - over the weekend. Last weekend, the UN Security Council approved tough sanctions against Pyongyang with analysts estimating that the action could cost North Korea US$1 billion in foreign revenue a year. The sanctions were in response to North Korea’s two intercontinental ballistic missile tests last month, which Kim boasted could now strike any part of the United States. Related: Shell Posts 700% Rise In Earnings, Prepares For ‘Lower Forever’ Oil Prices

Indicating China's reluctance to implement the sanctions, Chinese Foreign Minister Wang Yi said in a regional forum last week that his country would pay a price for implementing the sanctions, given China’s traditional economic ties with North Korea.

On Monday, Beijing also warned the Trump administration not to split the international coalition over North Korea by provoking a trade war between China and the United States. The warning comes as President Trump is expected to sign an executive memorandum Monday afternoon instructing his top trade negotiator to launch an investigation into Chinese intellectual property violations, a move that could eventually result in severe trade penalties.  In China, these proposed measures were seen as an attempt to put pressure on Beijing to act more strongly against North Korea, and at the same time an attempt to shift the blame for the world’s failure to rein in Pyongyang’s nuclear and missile programs onto China alone.

By Zerohedge

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News