Israel may be on the way to breaching the long-standing boycott imposed by the Arab-dominated Organization of Petroleum Exporting Countries (OPEC). Energy Minister Moshe Shahal disclosed in the Knesset today that negotiations are in an advanced stage for the purchase of oil from an OPEC member-state which he would not name.
The power of OPEC has weakend as a result of the current world oil glut and this affords Israel an opportunity for the first time to break the boycott, Shahal said. He noted that Israel’s economy could save more than $250 million as a result of declining oil prices and could save additional tens of millions by looking for alternative markets.
He also spoke of oil prospecting in Israel and studies of alternative energy sources. But it will take a few more years before the results of this research are clear, he said.
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