South Korea and the U.S. may look to impose oil supply sanctions on North Korea should it test more nuclear weapons. That would require Chinese cooperation, which was forthcoming in recent coal import sanctions. Panjiva data shows China exported $118 million of distillates, gasoline and petroleum gases in 2016, which was 8% higher than 2013. Yet, shipments in January were zero. While January and February are typically the lowest export months of the year for those products, it may suggest shippers including Petrochina are already enacting sanctions in effect if not in formal terms.
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