Iran and Russia are aiming to increase their annual bilateral trade to $20 billion, a senior Iranian oil ministry official said Monday, as the two countries opened a joint economic commission in Tehran.
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President Donald Trump and Israeli Prime Minister Benjamin Netanyahu agreed at a White House meeting on Wednesday that the U.S. would work to reduce Iran's oil exports to China, Axios reported, citing two U.S. officials briefed on the issue.
Al Jazeera reported that while the world is counting on energy stability, Iran has the power to disrupt oil flows in the Persian Gulf.
Iran’s oil minister marked the 47th anniversary of the Islamic Revolution by stressing the need to preserve unity within the oil industry, strengthen domestic capabilities and make full use of human capital, saying the sector plays a central role in countering external pressure and boosting the country’s economic resilience.
US President Donald Trump said India will buy crude oil from Venezuela instead of Iran, Roydad Naft News Agency correspondent reports.
Iran’s Oil minister said there is no need for concern that the United States, after gaining control of Venezuelan oil, could strike deals with Iran’s long-standing oil customers such as China.
The United States is handing over to Venezuela a tanker that it seized this month, two U.S. officials told Reuters on Wednesday.
Venezuelan crude shipments under a $2 billion supply agreement with the United States have reached roughly 7.8 million barrels, but logistical bottlenecks, pricing resistance from buyers and storage overhangs are slowing progress and delaying a full reversal of output cuts.
U.S. forces seized two Venezuela-linked oil tankers—one flying a Russian flag—in the Atlantic, intensifying Trump’s push to dominate Venezuelan oil flows after capturing Maduro. China slams it as “bullying” as prices drop on expected supply surge.
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.
The United States could raise tariffs on India if New Delhi does not meet Washington’s demand to curb purchases of Russian oil, U.S. President Donald Trump said on Sunday, escalating pressure on the South Asian country as trade talks remain inconclusive.
Trump said after Maduro’s removal that major U.S. oil companies are ready to invest billions to revive Venezuela’s battered oil sector, though analysts warn restoring production will require massive, long-term investment despite the country’s vast reserves.
The US Treasury has sanctioned four companies and four oil tankers linked to Venezuela’s “shadow fleet” as Trump ramps up pressure on Maduro. Exports have already halved due to a blockade—aimed at stopping oil profits funding alleged drug trafficking.
Despite a U.S. blockade and a sharp fall in exports, at least two oil tankers have reached Venezuela in recent days, underscoring PDVSA’s push to build floating storage and keep crude flowing—mainly to China to repay debt.
U.S. tariffs and diplomatic claims put India’s balancing act between cheap Russian oil and American demands under the spotlight as officials and industry await hard data on import cuts.
Iran will become a regional hub for energy trading by expanding its energy commerce, the country’s first vice president said.
Iran’s oil sales volume remains strong and continues at previous levels, Oil Minister Mohsen Paknejad said on Thursday.
The White House has directed U.S. forces to prioritize enforcing a quarantine on Venezuelan oil for the next two months. This signals Washington’s preference to pressure Caracas through economic leverage rather than military action.
Iraq’s supply of gas from Iran has been halted, the electricity ministry said on Tuesday, adding that the stoppage was due to the shutdown of some generating units and load shedding at others.
The U.S. intercepted an oil tanker off Venezuela just days after President Donald Trump ordered a “total and complete blockade” on sanctioned vessels, Homeland Security Secretary Kristi Noem confirmed.