The UK Court of Appeal rejected the objection of the National Iranian Oil Company (NIOC) and confirmed the previous ruling of the London court regarding the seizure of NIOC House. This ruling comes at a time when the issue of seizing the assets of oil companies, especially in international contexts, has always been one of the main challenges facing Iran's oil industry.
Oil Market Developments
At the end of trading on Thursday, the price of light oil reached $61.50 per barrel, showing a 1.02% increase compared to the beginning of the week. This price increase occurs while the oil market is influenced by various political and economic factors and is experiencing significant fluctuations.
Read more: Hamid Bord hosted the eighty-fourth coordination meeting of government information channels
Acquisition of Petro Rabigh Shares by Aramco
Saudi oil company Aramco also announced that it has completed the acquisition of 22.5% of the shares of Petro Rabigh (Rabigh Refining and Petrochemical Co) from the Japanese company Sumitomo Chemical for $702 million. This move reflects Aramco's desire to expand its influence in international markets and enhance its refining and petrochemical capabilities.
The Abu Dhabi National Oil Company (ADNOC) has also announced that six of its subsidiaries will pay a total of $43 billion (158 billion dirhams) in dividends during the period from 2025 to 2030. This indicates the financial health and capability of the company in managing resources and large projects.
Shifts in the Oil Market Landscape
CitiGroup has reported a noticeable shift in the mindset of oil market participants, stating that the general sentiment in the market has leaned towards pessimism and expectations of falling prices. These changes are due to various factors, including political and economic developments at the global level, and could have significant impacts on industrial and economic decision-making.
Two European industrial giants, TotalEnergies and Siemens, in a joint letter to the leaders of France and Germany, have requested the repeal of one of the key environmental sustainability laws of the European Union known as the Corporate Sustainability Due Diligence Directive. This request could have substantial impacts on oil and gas projects in Europe.
Conclusion
With the rise of the Labour Party government in the UK, the country’s oil and gas policies have entered a sensitive phase. In this context, various reports indicate that the excess oil production capacity in OPEC+ is rapidly declining, and Saudi Arabia, the United Arab Emirates, and Iraq have the real capability to increase production. These developments clearly indicate the need for continuous monitoring and updating of oil industry policies, which could impact energy supply and economic growth in countries.
Read more: Progress in the reconstruction of South Pars refineries with an emphasis on production capacity · Chevron's profit growth to $4.93 billion in the refining sector
