US Energy Advisor Does Not Think Arab States Will Weaponise Oil

The US is confident Arab states will not ‘weaponise energy’ despite mounting anger across the Middle East over Israel’s bombardment of Gaza according to FT reports.

• “Oil has been weaponised from time-to-time since it became a traded commodity, so we’re always worried about that, working against that, but I think so far it hasn’t,” according to White House chief energy advisor Amos Hochstein in an FT interview.
• “We have two active wars in the world, one involving the world’s third-largest producer [Russia], the other in the Middle East where missiles are flying near where oil is produced, and yet prices are near the lower point of the year.” he added.
• “The collaboration and co-ordination between producers and consumers over the past couple of years has been very strong in trying to prevent energy shocks,” he added.
• The FT reported last week that Saudi sources suggested the oil rich state could push voluntary cuts deeper into next year because of recent price drops.