Embargo on Oil: The Weapon of Organization of Islamic Cooperation (OIC) against Israel and its Allies amid Israeli Attack in Gaza

Written By Dr. Ziva Rozen-Bakher

https://www.rozen-bakher.com/timeline-risks/16/02/2024/1850

Published Date: 16 February 2024

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Dr. Ziva Rozen-Bakher

Researcher in International Relations with a Focus on Security, Political and Economic Risks for Foreign Direct Investment (FDI) and International Trade

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16 February 2024 at 18:50. On 11 November 2023, the joint extraordinary Summit of the Arab League and OIC that was held in Riyadh failed to impose an Embargo on Oil against Israel and its allies amid the Israeli Attack on Gaza because 4 members of the Arab League, including Saudi Arabia, opposed it. However, since then, the death toll in Gaza has reached an unprecedented number even before the last move of Israel in Rafha, so Iran and Saudi Arabia are pushing now together for an additional Emergency Summit of the OIC. Hence, if in the last emergency summit in 11/2023, Saudi Arabia opposed the Embargo on Oil and additional harsh moves against Israel, including against the USA that provided weapons to Israel, then now, my prediction is that Saudi Arabia will agree to 'punish' Israel and the USA, which may even include an embargo on Oil as done in 1973 following the Yom Kippur War. An embargo on Oil is a strong ‘Economic Weapon’, so Israel and the USA should be ready for it, sooner than later, if the war drags on. Nevertheless, I won’t be surprised if the next counter-move against Israel by the OIC and even by the Arab League will be a suspension of diplomatic relations and Peace Treaties with Israel. The Hamas-Israel war reached a ‘point of no return'.   

Dr. Ziva Rozen-Bakher

Dr. Ziva Rozen-Bakher - A Researcher in International Relations with a Focus on Security, Political and Economic Risks for Foreign Direct Investment (FDI) and International Trade

https://www.rozen-bakher.com/
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