Iran’s trade with member states of the Eurasian Economic Union (EAEU) increased 16 percent in the first eight months of the current Iranian year (Mar. 21st-Nov. 22nd) the head of the Trade Promotion Organization of Iran said.
ECONOMY Feed Atom
minister put the total value of a contract signed by the National Iranian Oil Company on guaranteed purchase of drilling services at about $1 billion, explaining that 20 drilling rigs of 2,000 horse power will be added to Iran’s drilling fleet in five years.
U.S. oil executives are hesitant to pour billions into Venezuela’s battered industry, insisting on ironclad legal and financial guarantees from Washington before backing Trump’s plan to revive production after Maduro’s capture. Talks ongoing ahead of White House meeting.
Iran’s President Masoud Pezeshkian said the government’s reforms to gasoline and diesel pricing aim to eliminate rent-seeking and capital flight by depositing energy credits directly and fairly into people’s bank accounts.
In line with the implementation of Iran's free trade agreement with Eurasia, the fourth International Eurasia Expo will be held in Tehran from February 1st to 4th.
Trade between Iran and Oman reached $1.35 billion in the first 10 months of 2025, up 24 percent from a year earlier, with Iranian exports accounting for $500 million of the total, Oman’s National Centre for Statistics and Information said.
Iran’s private sector is ready to participate in large-scale technical and engineering projects in Indonesia, the head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) said, calling for closer cooperation between the chambers of commerce of the two countries to facilitate joint business activity.
Trade between Iran and the 27-member European Union reached €3.102 billion in the first 10 months of 2025, according to the latest data released by Eurostat, underscoring the resilience of limited commercial ties despite longstanding sanctions and political tensions.
Oil minister said the mechanism for depositing proceeds from oil sales is overseen, monitored and controlled by the Central Bank of Iran, stressing that the Oil Ministry has no role in banking operations related to those funds.
Iran’s President Masoud Pezeshkian said that controlling gas flaring is a priority.
Germany exported non-oil products worth $1.184 billion to Iran during the first eight months of the current Iranian calendar year (March 21-Novemebr 21), the Islamic Republic of Iran Customs Administration (IRICA) announced.
Iran will become a regional hub for energy trading by expanding its energy commerce, the country’s first vice president said.
Iranian and Vietnamese officials and private-sector representatives discussed ways to expand joint investment and financial cooperation, with a focus on building long-term economic ties and using Vietnam as a gateway to Southeast Asia.
The second conference on “Understanding the Indian Market and Trade Opportunities” was held on Wednesday at Iran’s Trade Promotion Organization, focusing on Iran–India economic ties and trade opportunities for 2026.
Iran and Belarus held the third virtual meeting of their joint oil industry working group to review progress and explore new opportunities for cooperation, focusing on implementing the bilateral oil memorandum of understanding between Iran’s Oil Ministry and Belarus’ Belneftekhim petrochemical association.
President Masoud Pezeshkian said all revenue generated from the fuel price reform plan will be spent entirely on improving people’s livelihoods and that not a single rial may be used for other government purposes.
Chinese Foreign Minister Wang Yi and UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met in Abu Dhabi to pledge deeper cooperation in investment, energy, and infrastructure.
The Turkish Statistical Institute announced that the value of this country’s imports from Iran in the first ten months of 2025 increased by four percent compared to the same period last year, reaching $2.035 billion.
President Masoud Pezeshkian reaffirmed Tehran’s commitment to implementing a comprehensive strategic cooperation agreement with Russia, saying Iran is determined to put the signed accord into effect and expects Moscow to expedite and finalize its part of the process.
The International Energy Agency has lowered its 2026 global oil surplus forecast to 3.84 million barrels per day, citing stronger demand and reduced supply from Russia and Venezuela due to sanctions.