Daily Management Review

China suspended oil supplies to North Korea in November


12/27/2017


China did not export petroleum products to North Korea in November, according to Chinese customs officials, probably by trying their best to adhere to the sanctions imposed by the UN against the DPRK, Reuters reports.



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The tension broke out in connection with the continuing nuclear and missile programs of North Korea, which the United States consistently opposed. Last week, the UN Security Council adopted new restrictive measures on trade with North Korea, including a limit on the supply of petroleum products to the DPRK at the level of 500 thousand barrels per year.

Beijing also did not import iron ore, coal or lead from North Korea in November, the second full month of the latest trade sanctions imposed by the UN.

China, the main source of fuel for North Korea, last month did not export gasoline, jet fuel, diesel fuel or fuel oil to its isolated neighbor, according to the data of the Main Customs Administration of the People's Republic of China.

November was the second month in a row when China did not export diesel or gasoline to North Korea. The last time Chinese fuel supplies to Pyongyang were at zero in February 2015.

"This is the natural result of tightening various sanctions against North Korea," said an expert on North Korea at Fudan University in Shanghai. The tightening "reflects China's position," he said.

Since June, the state-owned China National Petroleum Corp (CNPC) has suspended sales of gasoline and diesel fuel to North Korea, fearing that it will not be paid for its goods.

In March 2003, China suspended oil supplies to North Korea within three days after Pyongyang launched a rocket into the waters between the Korean peninsula and Japan.

It is not known whether China will continue to sell crude oil to Pyongyang. For several years, Beijing has not disclosed the volume of exports of crude oil to North Korea.

Sources in the industry say that China still supplies about 520,000 tons, or 3.8 million barrels, of crude oil per year to North Korea through an aging pipeline. This is just over 10 thousand barrels a day and costs about $ 200 million a year at current prices.

source: reuters.com






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