Quiver Quantitative - Summary:
In response to Iran's Foreign Minister, Hossein Amirabdollahian's, plea for members of the Organisation of Islamic Cooperation (OIC) to implement an oil embargo and additional sanctions against Israel, key sources from OPEC have confirmed there are no immediate intentions to take such action. Amirabdollahian's declaration also encompassed the expulsion of all Israeli diplomats. However, OPEC, a conglomerate of nations producing a significant share of the world's oil, has clarified its non-political nature and its intention to remain separate from geopolitical pressures.
The Gulf Cooperation Council (GCC) mirrored this sentiment. Secretary-general Jasem al-Budaiwi emphasized GCC's dedication to global energy security and highlighted that they will not use oil as a geopolitical weapon. Reflecting on history, in 1973, Arab nations had imposed an oil embargo on Western nations supporting Israel, leading to a drastic shift in oil procurement strategies and the development of alternative energy sources. Today, the geopolitical landscape has evolved, with Asia emerging as the primary buyer of OPEC's crude, which further influences decisions against such embargoes.
Currently, an emergency meeting of the OIC is in session in Jeddah, Saudi Arabia, to address the ongoing Israeli-Palestinian tensions, magnified by the recent tragic event at a Gaza hospital. Iran, emphasizing the severity of the situation, has also pushed for the constitution of a team of Islamic lawyers to meticulously document potential war crimes by Israel in Gaza.
This series of events unfolds in a region fraught with tension, with Iran maintaining no diplomatic ties with Israel and the latter's recent military actions in Gaza causing significant casualties, stirring international concern and calls for intervention.
This article was originally published on Quiver Quantitative