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Oil Report

Saudi rejects call for oil embargo over Israel

NEW YORK, Jan 7 (Reuters) - Middle East oil producing nations will reject Iran’s call for Muslim countries to halt crude supplies to Israel’s backers over the fighting in Gaza, Saudi Arabia’s foreign minister said on Wednesday.

“The oil producers who need their income... are not going to do that,” Saudi Foreign Minister Prince Saud Al-Faisal told reporters at a news conference.

“The use of oil, especially at this time, is an idea that is at least past its worth,” he said. “The important thing, oil is not a weapon. You can’t reverse a conflict by using oil.”

Reporting by Haitham Haddadin and Claudia Parsons, Writing by Richard Valdmanis; Editing by David Gregorio

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