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Iran has proposed an oil embargo on Israel in retaliation to the country’s military action in Gaza, which has become the battleground in the Israel and Hamas war.Iran said Israeli ambassadors should be expelled from nations under the umbrella body of the Organisation of Islamic Cooperation and an oil embargo be imposed on the country, according to a Reuters: Nigeria, Qatar, Libya, the United Arab Emirates, Algeria, Gabon, Congo, the Islamic Republic of Iran, Iraq, Kuwait, and Saudi Arabia.
But an OPEC source said the oil-producing organisation is not a political group, while another source said the geopolitical environment is different compared to 50 years ago.The Gulf Cooperation Council also took the same stance, saying it would not use oil as a weapon. Jasem al-Budaiwi, GCC secretary-general, said: “The GCC works as a clear and honest partner as an oil exporter with the international community and we can’t use that as a weapon in any way possible.”
Israel contributes to the oil market, as the country owns two refineries that produce 300,000 barrels per day. Brent crude oil price hit $91 a barrel on Wednesday — the highest in October — amid the escalating crisis in the Middle East threatening to disrupt oil supplies from the region.Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!
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