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Oil Embargo Against Israel Unlikely: Citi

OIL

An oil embargo against Israel looks unlikely following a call by Iran yesterday for Muslim countries to impose an oil embargo on Israel according to Citigroup.

  • Price choppiness and geopolitical uncertainty is expected to continue in the short term with escalating tensions fuelling a price rally amid concern that the Israel-Hamas conflict may spread, drawing in Iran.
  • Imports to Israel are small at approximately 250kb/d, with Kazakhstan supplying 80kb/d, Azerbaijan 60kb/d, and Iraq 50kb/d.
  • “We believe an embargo from Kazakhstan and Azerbaijan, a strong Israeli ally, is unlikely.”

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