The resolution passed by the United Nations Security Council on Monday against North Korea should slash oil supplies to the isolated nation by 30% — a level which would have significant impact on the country — but is unlikely to have much impact on regional supply and demand balances, while monitoring of the compliance will be a major challenge. “The key issue is monitoring,” said Yonghun Jung, adjunct professor in the energy systems department at South Korea’s Ajou University. “A transparent, accountable and traceable monitoring inflows of crude and oil products into North Korea is very important now and for the future, as so far we have not had access to actual trade data.” “However, it will be difficult to monitor all crude oil and oil products trades over borders between North Korea and China as well as North Korea and Russia,” said Jung, who was formerly a counselor […]