On Friday, in response to the new package of U.S. sanctions against Chinese companies purchasing Iranian oil, the Chinese government announced that it will defend the legal rights and interests of its companies and citizens. This action is aimed at supporting China's economic interests, particularly in the energy supply sector.
New U.S. Sanctions and Their Consequences
The new U.S. sanctions specifically impact Chinese companies and aim to prevent these companies from purchasing Iranian oil. These sanctions are intended to pressure the Islamic Republic of Iran to reduce its nuclear and military activities. In this context, China, as one of the largest buyers of Iranian oil, is striving to preserve its interests using legal tools.
Confirmation of the UK Court of Appeal Ruling
Meanwhile, the UK Court of Appeal upheld the previous ruling of the London court regarding the seizure of the NIOC House. This ruling was issued due to the non-payment of debts owed by the National Iranian Oil Company (NIOC). This issue could have serious implications for the international activities of this company and Iran's economic relations with other countries.
Alongside these developments, the price of oil also reached $61.50 per barrel at the end of trading on Thursday, reflecting a 1.02% increase compared to the beginning of the week. This increase in oil prices is due to concerns related to sanctions and economic instabilities in the global energy market.
Saudi Aramco also announced that it has completed the purchase of 22.5% of the shares of Rabigh Refining and Petrochemical Co from the Japanese company Sumitomo Chemical for $702 million. This action could impact the oil and petrochemical market and help develop international cooperation in this area.
The Abu Dhabi National Oil Company (ADNOC) also announced that its six publicly listed subsidiaries will pay a total of $43 billion (158 billion dirhams) in dividends during the 2025 to 2030 period. This indicates the ability of these companies to produce and export oil and petroleum products.
Given the recent developments, especially regarding sanctions and the state of the oil market, experts believe that the oil market is heading towards pessimism and an expectation of price reductions. In this situation, closely monitoring oil market developments and managerial decisions in major oil companies to maintain market share and secure the economic interests of countries seems essential.
