• 18 hours Saudi Fund Buys Stake in Hollywood Talent Agency
  • 19 hours G20 Rejects Calls for Cryptocurrency Regulation
  • 24 hours Putin Is A New Russian Stalin - Victory For The Next 6 Years
  • 15 hours Trump Bans Venezuelan National Cryptocurrency
  • 4 days Is $71 As Good As It Gets For Oil Bulls This Year?
  • 15 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 10 hours Self-Driving Cars' First Fatality
  • 19 hours Africa Is The New Land Of Opportunity For Investors
  • 36 mins Flying Taxis In New Zealand - Very Soon?!
  • 18 hours Volkswagen To Announce $340 Million Tennessee Investment To Build New SUV For U.S. Market
  • 4 days HAPPY RIG COUNT DAY!!
  • 1 hour Why do Driller stocks move with the daily price of oil?
  • 22 hours Miners against Government: Largest Miners In Congo Quit Chamber Of Commerce Amid Growing Tax Dispute
  • 15 hours Is Trump Harming Oil Industry?
  • 4 days Spotify to file $1 billion IPO
  • 15 hours Tillerson just sacked ... how will market react?
Are Oil Stocks Stagnating?

Are Oil Stocks Stagnating?

It has been a wild…

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

Taiwan Cuts Off Fossil Fuels To North Korea


Taiwan will no longer offer its fossil fuels to North Korea, the island announced on Tuesday in a bid to emerge as a responsible member of the international community.

Taiwan also said it would immediately halt any remaining clothing and textile imports from North Korea, in line with recent economic sanctions against Pyongyang for its missile tests over Japan. Preexisting contracts in force before September 11th would continue to be honored until December 10th, a notice from the economics ministry said.

The bans hope to “denounce North Korea’s recent successive nuclear tests and actions that jeopardize regional security,” the economics ministry said in a statement.

The island is not officially a member of the United Nations apart from Beijing, which insists Taiwan is just one of China’s provinces.

Taiwan and North Korea have seen bilateral trade fall 90 percent in volume in the first six months of this year, compared to the year prior. This is mostly due to the increasing scope of punitive sanctions against Pyongyang in recent months.

Russia and China have previously made a commitment never to support sanctions against Pyongyang that could negatively impact the civilian population, a stance that would almost certainly include a full-scale oil embargo. Even prior to the new threat of sanctions, North Korea has been increasingly self-sufficient in beginning to tap its still largely unused oil reserves.

However, the country’s political climate, including the sanctions currently in force, and water depths of up to 2,500 meters off the east coast present barriers to development. A shortage of funds is likely to further hamper development. In the 1990s, North Korea couldn’t provide food for its population, and it continues to struggle to meet the energy demands of its population, generally falling short even in providing electricity to its capital city.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

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