US confident Arab countries will not weaponize oil for Gaza: Hochstein
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Senior White House energy advisor Amos Hochstein says the level of cooperation between American and Gulf oil producers has been "very strong" over the past couple of years.
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Amos Hochstein, a senior advisor to US President Joe Biden, arrives for his meeting with Lebanese caretaker Prime Minister Najib Mikati in Beirut, Lebanon, Tuesday, Nov. 7, 2023. (AP Photo/Hassan Ammar)
Senior White House energy advisor Amos Hochstein expressed confidence that Arab oil-producing countries will not use oil as a weapon to stop the ongoing Israeli aggression on Gaza, despite growing anger across the Middle East due to the Israeli blockade and aggression on the Strip.
In an interview with the Financial Times, Hochstein affirmed that the level of cooperation between American and Gulf oil producers, including Riyadh, has been "very strong" over the past couple of years.
Hochstein expressed the United States' ongoing concern about the use of oil as a weapon, saying, "Ever since oil became a traded commodity it has been weaponized from time to time, so we’ve always been concerned about it, worked against it, but I think this has not happened till now."
The US official pointed to "two active wars in the world": one involving the third-largest oil producer, Russia, and the other in the Middle East, where missiles are flying near oil production facilities.
"Yet prices are near the lowest point of the year," he noted, adding that this proves the US is "managing it quite well, but we can never relax and this is an evolving situation."
The Financial Times cited "people familiar with the thinking of Saudi Arabia, the world’s top oil exporter," as saying that the decline in oil prices to its lowest level in four months at $77 per barrel last week and the increasing anger over the Israeli aggression on Gaza could contribute to a decision to make further oil production cuts.
It is noteworthy that a couple of days ago, Saudi Minister of Investment Khalid al-Falih mentioned that Riyadh using economic tools, such as oil prices, to achieve a ceasefire in Gaza is off the table today, as reported by Bloomberg.
Earlier, Iranian leader Sayyed Ali Khamenei on Sunday underlined that Islamic governments must prevent energy and goods from reaching the Israeli occupation.
