President Masoud Pezeshkian on Wednesday chaired a meeting to review plans aimed at increasing production and addressing imbalances in the country’s energy sector.
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The Iranian Parliament’s Research Center has praised the Oil Ministry’s performance during the first year of the Seventh Development Plan, reporting that the ministry’s output exceeded expectations in key areas such as production growth. However, the report noted that financing remains the main challenge to fully implementing the five-year plan.
The Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) has signed a memorandum of understanding with the International Union of Small and Medium-Sized Enterprises of Shanghai to expand bilateral industrial and economic cooperation, including a proposal by Chinese companies to help establish a smart industrial park in Iran.
Pakistani Prime Minister Shehbaz Sharif has stressed his commitment to strengthening comprehensive cooperation with the Iran, and said that Tehran and Islamabad play an important role for global peace and Islamic unity.
Iran and Kenya plan to boost trade and tech ties with a permanent Iranian expo in Nairobi, a joint innovation hub, and direct Tehran-Nairobi flights.
Russian Urals crude hits its deepest discount to Brent in a year at $4 per barrel after major Indian and Chinese refiners halted December purchases from sanctioned Rosneft and Lukoil ahead of the November 21 US deadline, threatening Moscow’s oil revenues.
The Minister of Economic Affairs and Finance of Iran said he has not received any signal of a decline in oil sales, and that these revenues are part of the country's budgetary income.
Iran and China have agreed to form a joint cooperative committee to enhance collaboration in key economic sectors, including agriculture, mining, petrochemicals, and joint investment, officials from both sides said during a meeting in Tehran.
India's Bharat Petroleum Corp has bought crude oil from Abu Dhabi in a spot tender to replace oil from Russia after the U.S. sanctioned two major Russian producers, two trade sources said on Monday.
Iran's ambassador in Islamabad and Pakistan's Commerce Minister met and discussed ways to strengthen bilateral trade and economic cooperation.
Indian refiners, responsible for half of Russian crude imports, have halted purchases due to US sanctions on major Russian producers and secondary sanctions risks for smaller entities.
Iran’s Oil Minister Mohsen Paknejad said the oil industry is the main pillar of Iran’s economic resilience and plays a leading role in overcoming the country’s challenges.
Iran’s oil minister announced that the country has been elected chair of the Executive Board of the Gas Exporting Countries Forum (GECF) and that Tehran’s proposal to upgrade the forum into the “Organization of Gas Exporting Countries” was well received by member states.
Iranian Oil Minister Mohsen Paknejad described the 27th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) as a crucial event, emphasizing that as the forum’s founder, Iran will present new initiatives designed to safeguard the collective interests of member countries in the long term.
INDIA and the United States are nearing a long-stalled trade agreement that would reduce US tariffs on Indian imports to 15 per cent to 16 per cent from 50 per cent, India’s Mint reported on Wednesday citing three people aware of the matter.
Indian company Reliance Industries is gradually increasing purchases of Middle Eastern oil and is ready to place more orders in the near future, Bloomberg reports.
U.S. President Donald Trump on Sunday warned that India will continue facing steep tariffs on its exports to the United States until it fully halts purchases of Russian oil a stance that has emerged as a key sticking point in the countries’ ongoing trade talks.
The International Monetary Fund (IMF) has revised its forecast for Iran’s economic growth downward to 0.6% for 2025, up slightly from an April projection of 0.3% but well below the regional average of 3.5%, while anticipating inflation to spike to 42.4% this year from 32.5% in 2024 and unemployment to climb 1.6% year-on-year to 9.2%.
Iran’s minister of economic affairs and finance emphasized the expansion of brotherly relations and economic, commercial, and infrastructure cooperation between Iran and Tajikistan and proposed special opportunities for deepening these relations under the current conditions.
India and the U.S. are resuming trade talks this week, with New Delhi committing to increase U.S. energy and gas imports to address concerns over its Russian oil purchases, aiming for a deal to double bilateral trade to $500 billion by 2030.