• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 3 mins Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 24 mins Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 34 mins Instagram Now Banning Photos Of People At Gun Ranges, Claiming They Promote "Violence"
  • 12 hours Let's shut down dissent like The Conversation in Australia
  • 6 hours Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 18 hours Hong Kong protesters appeal to Trump for support.
  • 11 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 8 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 18 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 8 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 3 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 11 hours Iran in the world market
How An Oil Supply Outage Could Paralyze Asia

How An Oil Supply Outage Could Paralyze Asia

The oil supply outages in…

The Long-Term Effects Of A Crazy Week For Oil

The Long-Term Effects Of A Crazy Week For Oil

Now the dust has settled…

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
Download on the App Store Get it on Google Play