Could OPEC+ Issue an Oil Embargo on Israel?

Dr Carole Nakhle, CEO of Crystol Energy, is quoted in this article written by Andreas Exarheas from RigZone commenting on the possibility of an oil embargo by OPEC+ on Israel.

Annual oil prices and key milestones (1970-2022)

Source: Energy Institute

According to Dr. Nakhle, using oil as a political weapon is of course a card OPEC+ can play and one of its members, Iran, has openly called for it. However, for a global oil embargo this is not the 1970s anymore. Not only market conditions have changed drastically but the circumstances of its individual countries and their alliances have changed. For a targeted boycott of Israel, the latter will find alternatives.
She added that in the past, the immediate effect of oil embargoes was higher oil prices. With time, however, importing nations seek to diversify their sources of supplies, thereby reducing their vulnerability to such embargoes.

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