• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 22 hours Reality catching up with EV forecasts
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 13 days US Oil Independence is a myth and will always be a myth
  • 2 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 8 days The Federal Reserve and Money...Aspects which are not widely known
  • 17 days Natural gas price to spike when USA is out of the market
  • 13 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 16 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 16 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

China Declares Support For Punitive Action Against North Korea

Chinese Foreign Minister Wang Yi announced on Thursday Beijing’s support for punitive action against North Korea for its recent ballistic missile tests over Japan.

The United States has proposed an oil embargo against North Korea enforced by the United Nations after Pyongyang authorized nuclear tests that violated several UN resolutions.

Yi encouraged the global community to reach a consensus on a strategy to deescalate the North Korean nuclear program and eventually invite Pyongyang into international diplomatic circles.

ADVERTISEMENT

In additional to the oil embargo, the U.S. wants to see North Korean textiles exports banned and create a barrier to the hiring of North Korean workers abroad, Reuters said.

North Korea depends on China for 90 percent of its crude oil supply. Stopping shipments to its neighbor will wreak havoc on Kim Jong Un’s dictatorship, which China has been trying to avoid. A regime collapse is likely to result in a massive influx of refugees. Beijing has also opposed President Donald Trump’s push to penalize North Korea for the nuclear tests so far, but the mood is changing given Pyongyang’s most recent tests.

ADVERTISEMENT

Last week North Korea launched an intercontinental missile over Japan. On Sunday, Defense Secretary Jim Mattis said in a statement that the United States is prepared for “a massive military response” to any attacks from North Korea to it or one of its allies. Mattis added that "We are not looking to the total annihilation of a country, namely North Korea, but as I said, we have many options to do so."

So far, the U.S. has targeted only minor Chinese banks and companies for trading or doing business with North Korea, which props up Kim’s economy. Trump’s new approach will cast a wider net, which may include China’s huge national oil companies.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage


ADVERTISEMENT


ADVERTISEMENT



Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News