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No OPEC Reaction to Iran Embargo Calls: Reuters

OIL

OPEC is not planning to hold an extraordinary meeting or to take immediate action following calls by Iran for Muslim countries to impose an oil embargo on Israel, according to Reuters’ sources.

  • The Iranian Foreign Minister Hossein Amirabdollahian called for a “full and immediate boycott” of Israel by Muslim countries, the expulsion of Israeli ambassadors and an oil embargo against Israel, according to statement by ministry on Telegram.
  • However, four sources within OPEC told Reuters that the organisation was not a political organisation, and thus no action was planned.
  • Explaining why the actions of the 1973 embargo on Western supporters of Israel would not be replicated, another OPEC source told Reuters, “The geopolitical environment is different compared to 50 years ago."

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