Saudi Arabia’s Reasons for Refusing to Implement an Oil Embargo on Israel

Jakarta, CNBC Indonesia – King Salman apparently has a reason why Saudi Arabia refuses to implement an oil embargo on Israel. As is known, Iran has asked Arab countries, oil producers, to place an embargo on fuel shipments to Israel.

This is in response to PM Benjamin Netanyahu’s government’s attacks on Gaza, Palestine, which have continued since October 7. Casualties in Gaza have reached more than 11,000, but Israel refuses to implement a ceasefire.

On November 9, before the OIC member Islamic countries met, King Salman’s government stated its reasons. Quote The News ArabSaturday (18/11/2023), one of the ministers gave a statement at the Bloomberg Economic Forum in Singapore last week.

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He assured that the Gulf country had no plans to use oil production as leverage in the Gaza conflict, including to push for a ceasefire.

“This is not being discussed at this time. Saudi Arabia is trying to find peace through peaceful discussions,” stressed Saudi Arabia’s Investment Minister, Khalid al-Falih.

It should be noted that Saudi Arabia implemented an oil embargo in 1973. At that time, this punishment was given to the United States (US) and other countries for their support for Israel in the war against Egypt and Syria, which caused oil prices to soar.

On the other hand, on this occasion al-Falih also discussed the normalization of Israel and Saudi Arabia. According to him, opening diplomatic and trade relations was still under “consideration”.

“This has been discussed,” he said.

“This is still being discussed and clearly the setbacks over the past month have made it clear why Saudi Arabia is so adamant that the resolution of the Palestinian conflict must be part of broader normalization in the Middle East,” he explained.

In the same report, it was revealed how Saudi Crown Prince Mohammed bin Salman (MBS) asked Washington to provide security guarantees and access to civilian nuclear technology and advanced weapons in return for an agreement with Israel. Saudi Arabian diplomats also said that Israel should agree to the creation of a Palestinian state as detailed in the 2002 Saudi Peace Initiative.

Quoting Iran International, Iranian President Ebrahim Raisi urged Arab and Muslim countries to launch sanctions against Israel last weekend at the OIC meeting. He also praised Hamas for fighting with Israel.

[Gambas:Video CNBC]

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2023-11-18 00:40:00
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