• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 15 minutes WTI @ 67.50, charts show $62.50 next
  • 6 hours The EU Loses The Principles On Which It Was Built
  • 26 mins Starvation, horror in Venezuela
  • 2 hours Saudi Fund Wants to Take Tesla Private?
  • 15 hours Crude Price going to $62.50
  • 1 hour Why hydrogen economics does not work
  • 5 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 11 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 1 day Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 1 day Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Oil prices---Tug of War: Sanctions vs. Trade War
  • 2 days Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 10 hours Saudi Arabia Cuts Diplomatic Ties with Canada
Alt Text

China’s Oil Futures Jump To Record High

China’s Yuan denominated crude futures…

Alt Text

Southern Company Just Raised Cost Estimates For This Megaproject Again

Southern Company's subsidiary announced yet…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

U.S. Asks China To Cut Off Oil Supply To North Korea

North Korea missile

China should cut off North Korea’s access to crude oil following the latest missile launch from Pyongyang, and Washington has asked it to do just that, the U.S. ambassador to the UN Nikki Haley said, adding that “if war comes, make no mistake, the North Korean regime will be utterly destroyed.”

The U.S. has for months insisted that more radical measures be taken against the North Korean regime, but Beijing has been reluctant to step up the pressure too much, wary of bringing a refugee crisis on its own head in case of an open military conflict in the region.

Haley’s warning comes on the heels of the third intercontinental missile test launch that North Korea announced earlier this week, claiming now its missiles can hit any location in the United States. North Korea’s leader Kim Jong-Un said this test showed that North Korea had become a full nuclear power.

Haley called on all nations to sever all ties with North Korea and continued with the warnings saying if China did not cut off its oil supply to North Korea, the U.S. would “take the oil situation into our own hands," suggesting further escalation of tensions in the region. Related: Forget OPEC, Putin Is Calling The Shots In Global Oil

Russia’s ambassador to the UN this time chimed in, saying the latest missile test was an example of yet another demonstrative disregard of Security Council resolutions, and as such deserved “the most resolute condemnation.” He added, however, that sanctions—Washington’s go-to response to such situations—should not be a goal in themselves and should be used carefully to avoid worsening the humanitarian situation in North Korea.

Chinese oil supplies to the pariah state are its lifeline, which is why they have been the topic of negotiations between the U.S. and China ever since Pyongyang started testing nuclear ballistic missiles. North Korea has been buying oil from Russia as well but in much smaller amounts and continues to be dependent on Chinese supplies. The U.S. already imposed unilateral sanctions on Pyongyang, but these seem to have failed to make any difference in the regime’s plans for turning into a nuclear power.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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