Saudi Arabia is unlikely to resort to an oil embargo even if dissatisfied with the Palestinian situation and Israel's actions, according to Andrey Baklanov, Vice-President of the Russian Committee for Solidarity and Cooperation with Asian and African Nations.
“I don't believe we'll see a return to 1973, when an oil embargo was imposed,” Baklanov told TASS. “Saudi Arabia now possesses different leverage, and regional dynamics have changed. While the proposal sounds interesting, it isn't very realistic.”
The diplomat expressed confidence that Saudi Arabia could potentially fund Gaza's reconstruction, noting there are “tacit understandings” on this matter. “Everyone recognizes that the return of all Palestinians to their homeland is impossible—whether we like it or not, that's the reality. Compensation provided by Riyadh could offer a solution,” Baklanov stated.
He highlighted the Kingdom's experience in rapid post-conflict reconstruction, citing several Beirut neighborhoods rebuilt with Saudi investment after Lebanon's civil war. However, he stressed that “specific political conditions” must first be established to enable such efforts in Gaza.
The comments follow Hamas's September 14 call for Arab and Islamic leaders to use “oil as a weapon” against Israel—a measure ultimately not adopted during the joint Arab-Islamic summit.
The 1973 OPEC oil embargo against Israel's supporters triggered the global oil crisis, quadrupling prices within months and exposing industrialized nations' critical dependence on fuel imports. The embargo was lifted in March 1974 after five months.
GSV "Russia - Islamic World"
Photo: Richard Ricciardi/Creative Commons 2.0
Based on materials from TASS