Tag Archives: Oil

Contemporary sanctions on North Korea by United Nations

The latest United Nations sanctions on North Korea are expected to choke its economy still further, but with Washington and Pyongyang showing no signs of stepping back from their face off, observers have warned that the world is running out of options to resolve the crisis.

The United Nations Security Council on Friday voted unanimously to support the sanctions, spearheaded by the United States, which will see North Korea’s imports of refined petroleum products cut by almost 90 percent from January.

The self-proclaimed nuclear power – after its most powerful intercontinental ballistic missile launch in late November – is also banned from exporting food products, machinery, electrical equipment, stone and wood as the UN seeks to cut external funding for its weapons and nuclear programmes

UN

US proposes to cut off oil supplies to North Korea at UN Security Council

The U.N. Security Council on Friday unanimously imposed new sanctions on North Korea following its latest intercontinental ballistic missile test, a move that analysts said could have a significant impact on the isolated country’s struggling economy.

The resolution seeks to ban nearly 90 percent of refined petroleum product exports to North Korea by capping them at 500,000 barrels a year and, in what diplomats said was a last-minute change, demands the repatriation of North Koreans working abroad within 24 months, instead of 12 months as first proposed.

North Korea on Nov. 29 said it successfully tested a new intercontinental ballistic missile in a “breakthrough” that puts the U.S. mainland within range of its nuclear weapons whose warheads could withstand re-entry to the Earth’s atmosphere.

“It (the resolution) sends the unambiguous message to Pyongyang that further defiance will invite further punishments and isolation,” Nikki Haley, the U.S. ambassador to the United Nations, said following the vote.

Source: CNBC

 

 

 

Largest Supplier of oil confirms to limit its supply by June which plunges prices

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day (BPD) during the first half of the year.

So far, however, there have been few signs that global markets are actually tightening as producers shielded their biggest customers, especially in Asia, from the cuts.

But after Brent prices fell back below $50 per barrel last week, analysts said producers felt forced to act.

Saudi Arabia, the world’s biggest oil exporter, has notified several Asian refiners of its first cuts in crude allocations for regional buyers since OPEC’s output reduction took effect in January.

Reuters reported on Tuesday that state-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June.

In the United States, U.S. crude stockpiles posted their biggest one-week drawdown since December last week as imports dropped sharply, while inventories of refined products also fell.

Crude inventories USOILC=ECI fell 5.2 million barrels in the week to May 5, the U.S. Energy Information Administration said. At 522.5 million barrels, crude stocks were the lowest since February.