• 12 hours Oil Pares Gains After API Reports Surprise Crude Inventory Build
  • 12 hours Elon Musk Won’t Get Paid Unless Tesla Does “Extraordinarily Well”
  • 13 hours U.S. Regulators Keep Keystone Capacity Capped At 80 Percent
  • 13 hours Trump Signs Off On 30 Percent Tariff On Imported Solar Equipment
  • 15 hours Russian Funds May Invest In Aramco’s IPO To Boost Oil Ties
  • 16 hours IMF Raises Saudi Arabia Growth Outlook On Higher Oil Prices
  • 18 hours China Is World’s Number-2 In LNG Imports
  • 1 day EIA Weekly Inventory Data Due Wednesday, Despite Govt. Shutdown
  • 1 day Oklahoma Rig Explodes, Leaving Five Missing
  • 1 day Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 2 days Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 2 days Libya’s NOC Restarts Oil Fields
  • 2 days US Orion To Develop Gas Field In Iraq
  • 4 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 4 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 4 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 4 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 5 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 5 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 5 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 5 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 5 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 5 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 5 days Venezuelan Output Drops To 28-Year Low In 2017
  • 6 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 6 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 6 days Kinder Morgan Delays Trans Mountain Launch Again
  • 6 days Shell Inks Another Solar Deal
  • 6 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 6 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 7 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 7 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 7 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 7 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 7 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 7 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 7 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 7 days Norway Grants Record 75 New Offshore Exploration Leases
  • 7 days China’s Growing Appetite For Renewables
  • 8 days Chevron To Resume Drilling In Kurdistan
Alt Text

5 Energy Sector Predictions For 2018

The energy recovery is well…

Alt Text

Trump’s Offshore Drilling Plan Is A Slippery Slope

Will the Trump Administration’s widely…

Alt Text

Congo’s Cobalt Tax Hike Threatens EV Market

The nation responsible for about…

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


Leave a comment

Leave a comment




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