OPEC Not Planning Immediate Action After Iran Urges Israel Oil Embargo
OPEC Responds to Iran’s Call for Oil Embargo on Israel
OPEC, the Organization of the Petroleum Exporting Countries, has stated that it has no plans for an extraordinary meeting or immediate action following Iran’s call for an oil embargo and other sanctions on Israel. Four sources within OPEC confirmed this information. The Iranian Foreign Minister, Hossein Amirabdollahian, had urged members of the Organization of Islamic Cooperation (OIC) to impose these measures on Israel and expel all Israeli ambassadors.
OPEC Stays Out of Politics
According to the sources, OPEC considers itself a non-political organization and, therefore, will not intervene in this matter. The group, which comprises several Muslim countries including Iran, produces around one-third of the world’s oil. Despite Iran’s comments, OPEC does not see the need for emergency meetings or immediate action.
Gulf Cooperation Council Stresses Energy Security
Jasem al-Budaiwi, the Secretary-General of the Gulf Cooperation Council (GCC), emphasized their commitment to energy security and their refusal to use oil as a weapon. When asked about the possibility of Arab countries reducing oil production in response to Israel’s actions in Gaza, al-Budaiwi stated that the GCC works as a clear and honest partner in the international community.
A Different Geopolitical Landscape
One of the reasons why OPEC is not considering an oil embargo is the different geopolitical environment compared to the past. In 1973, Arab producers implemented an oil embargo on Western supporters of Israel during its war with Egypt. However, the long-term effect of this crisis led to the development of new oil provinces outside the Middle East and encouraged alternative energy sources. Nowadays, Asia is the main buyer of OPEC’s crude, shifting the dynamics significantly.
Focus on the Israeli-Palestinian Conflict
An urgent meeting of the OIC is currently taking place in Jeddah, Saudi Arabia, to discuss the Israeli-Palestinian conflict. Iran’s foreign minister has also called for the formation of a team of Islamic lawyers to document potential war crimes committed by Israel in Gaza. It is important to note that Iran does not have diplomatic relations with Israel.
Conclusion
OPEC has made it clear that it will not take immediate action or hold emergency meetings in response to Iran’s call for an oil embargo on Israel. The organization maintains its non-political stance and emphasizes the different geopolitical landscape compared to previous crises. While the OIC discusses the Israeli-Palestinian conflict, OPEC remains focused on its role as a major player in the global oil market.
