Dr. Ziva Rozen-Bakher - A Researcher in International Relations and International Business with a Focus on Security and Political Risks & Economic and Strategic Risks Related to Foreign Direct Investment (FDI), International Trade and Mergers and Acquisitions (M&As)

View Original

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

Dr. Ziva Rozen-Bakher

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

Published Date: 16 February 2024 at 18:50

Risks Timeline by Dr. Ziva Rozen-Bakher

Comments on Contemporary Risks by Dr. Ziva Rozen-Bakher

Risks Timeline by Dr. Ziva Rozen-Bakher: https://www.rozen-bakher.com/timeline-risks-all

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 in 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 OIC. Hence, if in the last emergency summit on 11/2023, Saudi Arabia opposed the Embargo on Oil and additional harsh moves against Israel including against USA that provided weapons to Israel, then now, my prediction is that Saudi Arabia will agree to 'punish' Israel and USA, which may even include an embargo on Oil as done in 1973 following Yom-Kippor War. An embargo on Oil is a strong ‘Economic Weapon’, so Israel and 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 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'.   

https://en.mehrnews.com/news/212064/Iran-FM-Saudi-counterpart-urge-for-OIC-meeting-on-Gaza

https://www.oic-oci.org/topic/?t_id=39923&t_ref=26755&lan=en