OPEC Rejects Islamic Republic's Request; No Sanctions or Expulsion of Israeli Diplomats

OPEC and the Gulf Cooperation Council rejected the Islamic Republic's request for an oil embargo against Israel. Four sources from OPEC and the Gulf Cooperation Council told Reuters that these organizations do not intend to hold an extraordinary meeting or take immediate action to impose an oil embargo on Israel. Hossein Amirabdollahian, the Foreign Minister of the Islamic Republic, called on members of the Organization of Islamic Cooperation on Wednesday to impose oil sanctions and other sanctions against Israel and to expel all Israeli ambassadors. OPEC, which produces one-third of the world's oil, includes several Muslim countries, including Iran. The Secretary-General of the Gulf Cooperation Council also stated that the council is committed to energy security and should not use oil as a weapon. Another OPEC source explained the reason for not implementing sanctions: 'The geopolitical environment is different compared to 50 years ago.' These cautious responses from two major oil-producing entities indicate that they are unwilling to impose an oil embargo on Israel. In 1973, Arab producers led by Saudi Arabia imposed sanctions on Western supporters of Israel during the war with Egypt, targeting Canada, Japan, the Netherlands, the UK, and the United States. These sanctions had a significant impact on global oil markets and sharply increased prices. However, it seems that OPEC and the Gulf Cooperation Council currently have no desire to repeat those sanctions. This may be due to concerns about the impact of sanctions on the global economy and also diplomatic relations with Israel.