• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 3 hours Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 1 hour Peak Oil is Now!
  • 14 mins Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 2 hours Russians hacking vs U.S., Microsoft President: Russians Targeting All Political Sides
  • 9 hours VW Receives Massive Order Of 1,600 All-Electric Trucks
  • 3 hours Corporations Are Buying More Renewables Than Ever
  • 16 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 21 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 23 hours The EU Loses The Principles On Which It Was Built
  • 24 hours Film on Venezuela's staggering collapse
  • 20 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 13 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 23 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
Chinese Oil Futures Remain High-Risk Endeavour

Chinese Oil Futures Remain High-Risk Endeavour

After six months of trading,…

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

U.S. Cancels Push For Oil Embargo Against North Korea

USA Oil

In order to avoid a Chinese veto of United Nations sanctions against North Korea, the United States dropped a provision to enforce an oil embargo and start a naval blockade to economically strangle Pyongyang.

An edited draft of the document, which the U.S. diplomatic team at the U.N. wrote, says the international community will still ban sales of North Korean textiles and will limit oil shipped to the pariah country.

“This is a text designed for adoption,” one source told the Guardian. “If they were running it to force a veto, they wouldn’t have made the revisions.”

Matthew Rycroft, the British ambassador to the U.N. said measures would still be effective despite the softer tone of the sanctions.

“It’s called negotiation. That’s what we do here at the security council. There is a significant prize in keeping the whole of the security council united,” Rycroft said. “The version on the table is strong, it is robust, it is a very significant set of additional sanctions on imports into North Korea and on exports out of North Korea and other measures as well, so that’s why we will be voting in favour of it.”

Related: Russia’s Big Bet On Kurdish Oil

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.

North Korea depends on China for 90 percent of its crude oil supply. Stopping shipments to its neighbor would wreak havoc on Kim Jong Un’s dictatorship – a scenario China has been trying to avoid. A regime collapse is likely to result in a massive influx of refugees into China. 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.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Tom Graham on September 12 2017 said:
    So North Korea shoots a missile over Japan airspace and creates a nuclear blast 10 times bigger than any other they've created before setting off earth quakes felt for hundreds of miles, and the UN responds with "textile export limits" and "oil import limits".

    That'll teach em!!
  • Brandon on September 12 2017 said:
    Completely useless sanctions, with Russia selling gas and oil to North Korea at lower prices than China does (which reads "diplomacy" in Putin's terms). Not the way to stop their dangerous nuclear program I'm afraid.

Leave a comment

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