Kuwaiti Foreign Minister Sheikh Sabah al-Ahmad al-Sabah said on October 20th that halting oil exports to Western countries in support of the Palestinians would hurt Arab countries.
Sheikh Sabah said that: “It is not in the interests of the Arab world to stop oil now because we might starve more than others.”
The minister made his remarks before heading to an Arab summit in Cairo to discuss Israeli-Palestinian violence that has killed over 100 people in more than three weeks of fighting. “If using the oil weapon was a way to get back the Palestinians’ rights, Kuwait would be the first to support this,” he said.
Analysts have indicated that it would take extreme provocation on the part of the U.S. or Israel before Arab producers would consider a repeat of the oil embargo they imposed upon Western states to protest their support of Israel in the Arab-Israeli war of 1973.
The OPEC secretariat’s monthly oil market report released on October 20th indicated that OPEC oil production increased to 29.026 million b/d in September, up 151,000 b/d from August.
The market report found that output by the ten member countries, excluding Iraq, that are held to output quotas rose by 227,000 b/d in September to 26.159 million b/d, more than 750,000 b/d higher than the 25.4 million b/d quota agreed to in June. The cartel’s latest output ceiling of 26.2 million b/d is effective as of October 1st.