ARAB AND WORLD

Mon 20 Nov 2023 3:43 pm - Jerusalem Time

Financial Times: The Biden administration is confident that Arab countries will not resort to oil weapons

The White House Advisor for Global Energy Security, Amos Hockstein, expressed his confidence that the Arab oil-producing countries will not resort to oil weapons, despite the escalation of anger throughout the region due to the war launched by the Israeli occupation on Gaza, which has reached its 45th day and claimed more than the 13,000 dead, including more than 5,500 children and 3,500 women.


Hockstein said in an interview with the British newspaper "Financial Times" that the level of cooperation between the United States of America and the oil-producing Gulf countries, including Saudi Arabia, has remained "very strong" over the past two years. He added: "Oil has been used as a weapon from time to time after it has become a traded commodity, so we always have concerns about this, and we are working to prevent it from happening, but I think that so far it has not happened.”


Hockstein added: “We now have two ongoing wars in the world, one of which is involving the third largest oil producer in the world (meaning Russia), and the other is in the Middle East, where missiles are flying near oil production fields, and yet prices are touching their lowest levels this year.” He continued, "This shows that we are managing the situation well, but we cannot close our eyes in light of such a developing situation."


Hockstein also told the newspaper that "cooperation and coordination between producers and consumers over recent years has remained very strong in trying to avoid any energy shocks."


Last Friday, the Financial Times reported on sources saying that the alliance of oil exporting countries and Russia (OPEC+) is heading to reduce oil production again to raise prices.

The newspaper quoted another person close to prominent Gulf figures in OPEC as saying: “You should not underestimate the level of anger that exists and the pressure that leaders in the Gulf feel from their people because of the war on Gaza.”


The source added that there would be no repeat of the oil shock that occurred in the 1970s, when Arab countries halted their exports to the West, but added: “People have become complacent about the possibility of reducing oil supplies to send a hidden message, which will be well understood on the streets, and in Washington, D.C.” 


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Financial Times: The Biden administration is confident that Arab countries will not resort to oil weapons

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