• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 38 mins WTI @ $75.75, headed for $64 - 67
  • 11 hours The Dirt on Clean Electric Cars
  • 1 hour These are the world’s most competitive economies: US No. 1
  • 38 mins The end of "King Coal" in the Wales
  • 17 hours Uber IPO Proposals Value Company at $120 Billion
  • 1 hour Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 7 hours EU to Splash Billions on Battery Factories
  • 8 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 40 mins Coal remains a major source of power in Europe.
  • 21 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 8 hours Poland signs 20-year deal on U.S. LNG supplies
  • 22 hours Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 18 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
U.S. Shale’s Glory Days Are Numbered

U.S. Shale’s Glory Days Are Numbered

That decline rates in U.S.…

South Sudan: U.S. Oil Sanctions Undermine Peace Efforts

South Sudan

U.S. sanctions on oil entities of South Sudan are counterproductive to efforts to bring stability and peace in the country, South Sudan’s Ministry of Petroleum said on Thursday, a day after the U.S. slapped sanctions on 15 South Sudanese oil-related entities.

On Wednesday, the U.S. Department of State imposed a license requirement on all exports, re-exports, and transfers of any U.S.-origin items to the 15 South Sudanese entities “whose revenues have contributed to the ongoing crisis in South Sudan.”

“Unfortunately, the South Sudanese Government, and corrupt official actors, use this revenue to purchase weapons and fund irregular militias that undermine the peace, security, and stability of South Sudan rather than support the welfare and current emergency food needs of the South Sudanese people,” Department Spokesperson Heather Nauert said in a press statement on Wednesday.

South Sudan’s Ministry of Petroleum said today that it was committed to “work closely with the U.S. Department of Commerce and take all possible measures to remove these restrictions and resume normal relations with the U.S.”

“The oil and gas sector is a foundation of the economy and depends on international technology imports. Existing petroleum operations will not be affected, as materials are not currently being imported from the U.S.,” the ministry said, noting that it would continue to invite investment in its oil industry.

South Sudan produces some 135,000 bpd of oil and hopes to double its oil production over the next 12 months, its Oil Minister Ezekiel Lol Gatkuoth said in December last year.

Related: Legal Risks Jeopardize World's Largest IPO

Earlier this month, an NGO investigative initiative said in a report that South Sudan’s leaders are using oil revenues—the country’s main source of income—to get rich and terrorize civilians.

In recent months, the U.S. and the international community have tightened sanctions on South Sudan in response to the continued destabilization in the country. The U.S. sanctioned in September 2017 South Sudanese government officials for their role in undermining peace and stability. Then last month, the U.S. imposed a weapons embargo, “appalled by the continuing violence in South Sudan that has created one of Africa’s worst humanitarian crises.”  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

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