UN Approves New North Korea Sanctions, Stopping Short of Oil Embargo

[mystery-ak]

UN Approves New North Korea Sanctions, Stopping Short of Oil Embargo
By Kambiz Foroohar
September 11, 2017, 5:13 PM CDT September 11, 2017, 6:29 PM CDT

    Resolution seeks to cut petroleum imports, ban textile exports
    U.S. dropped bid to ban all oil imports, freeze Kim’s assets
The United Nations Security Council approved new sanctions aimed at punishing North Korea for its latest missile and nuclear tests after the U.S. dropped key demands in order to win support from Russia and China.

The 15-member Security Council passed the resolution unanimously Monday following a week of talks that began when Kim Jong Un’s regime tested its most powerful nuclear bomb. The resolution seeks to cut imports of refined petroleum products to 2 million barrels a year, ban textile exports and give countries the ability to freeze assets of cargo ships whose operators don’t agree to inspections on the high seas.

more
https://www.bloomberg.com/news/articles/2017-09-11/un-votes-new-north-korea-sanctions-stopping-short-of-oil-embargo

[Oceander]

Same old, same old. 

[Suppressed]

The resolution seeks to cut imports of refined petroleum products to 2 million barrels a year ...

Okay, so DPRK imports $186MM/yr of refined petroleum products.  That can't mean that 2MM bbl is much of a reduction...right?

Am I missing something, @thackney?

[thackney]

Okay, so DPRK imports $186MM/yr of refined petroleum products.  That can't mean that 2MM bbl is much of a reduction...right?

Am I missing something, @thackney?

If we assume $57.50 per barrel for the price of their refined petroleum products:

https://www.eia.gov/dnav/pet/pet_pri_fut_s1_a.htm

Then they were importing 3.2 million barrels of fuel, now down to 2 million.

Looks like a 30~40% cut. 

Given the general population probably isn't using much fuel, this is more an impact to the government and the elite.  It would have an impact.

[Suppressed]

If we assume $57.50 per barrel for the price of their refined petroleum products:

https://www.eia.gov/dnav/pet/pet_pri_fut_s1_a.htm

Then they were importing 3.2 million barrels of fuel, now down to 2 million.

Looks like a 30~40% cut. 

Given the general population probably isn't using much fuel, this is more an impact to the government and the elite.  It would have an impact.

Yeah, I guess I was a bit behind on my price assumptions.

[Fishrrman]

"Resolution seeks to cut petroleum imports"

Were not similar sanctions imposed against pre-WWII Japan, cutting off its sources of petroleum?

I apologize for my lack of knowledge, but I seem to recall that this was one of the primary reasons for Japan's decision to launch a sneak attack against The United States.

Could a similar lack of petroleum drive the NORKs "over the edge"?