• 3 minutes Biden Seeks $2 Trillion Clean Energy And Infrastructure Spending Boost
  • 5 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 8 minutes Gazprom fails to exempt Nord Stream-2 from EU market rules
  • 18 hours The Truth about Chinese and Indian Engineering
  • 8 hours Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 9 hours The World is Facing a Solar Panel Waste Problem
  • 2 days The Core Issue Of US Chaos..Finally disclosed
  • 1 hour Pompeo upsets China; oil & gas prices to fall
  • 2 hours Why Oil could hit $100
  • 1 hour China's impending economic meltdown
  • 21 hours Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 22 hours Sell Natural Gas Benefits to Grow the Market!
  • 1 day Brent above $45. Holding breath for $50??
  • 21 hours Trump Suggests Delaying Election Amid Fraud Claims
  • 1 day Rational analysis of CV19 from Harvard Medical School
  • 2 days Russia Trying To Steal COVID-19 Vaccine Data, Say UK, U.S. and Canada
  • 2 days Open letter from Politico about US-russian relations
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.

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.

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





Leave a comment

Leave a comment




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