The Washington administration is imposing additional tariffs in the amount of 25% on India in connection with its purchase of Russian oil.
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Iran has a trade surplus with Pakistan, exporting goods at 3.5 times the volume of imports, according to Hamidreza Karbalaei Esmaeili, Deputy for the Indian Subcontinent at Iran's Trade Promotion Organization.
Iran's oil minister emphasized resolving gas export and payment issues during a meeting with Iraq’s electricity minister, expressing optimism that both matters will soon be settled.
Indian officials have said they would keep purchasing oil from Russia despite the threat of penalties that U.S. President Donald Trump said he would impose, the New York Times reported on Saturday.
Iran’s oil minister has rejected claims by foreign media that more than 40 million barrels of Iranian oil are stranded at sea, calling the reports baseless.
Iran’s Foreign Ministry has vehemently denounced the United States' latest round of sanctions as a blatant assault on the Iranian people and their national dignity.
Vikram Doraiswami, India's High Commissioner to the UK, defended India's oil imports from Russia, highlighting the necessity for economic sustainability and the country's long-standing security ties with Russia.
The Iranian Parliament's Energy Committee's Energy Committee head praised the Oil and Gas Investment Fund's crucial role in restoring infrastructure damaged during the 12-day conflict.
Trump has reduced the deadline for imposing sanctions on Russian oil exports, threatening 100% tariffs on buyers, mainly India and China, if Moscow doesn't end Ukraine's conflict, causing geopolitical risk.
Iran’s oil minister emphasized the continuation of the country’s oil exports, stating that the Ministry of Petroleum has necessary plans in place to address sanctions and the potential activation of the "snapback" mechanism.
The value of trade between Iran and India stood at $652 million in the first four months of 2025, India's Ministry of Commerce and Industry reported.
Bilateral trade between Iran and Armenia has reached nearly $1.0 billion, reflecting deepening economic ties between the two neighbors, according to Iran’s ambassador to Yerevan.
Iran's Supreme Economic Coordination Council emphasized preparedness and dignified living conditions amid war efforts. They approved major investments, including a National Development Fund plan to boost crude oil production and construct solar power plants.
In a message acknowledging the resilience and tireless efforts of oil industry workers during the days of the Zionist aggression, the president said the employees of this sector were frontline warriors who, under the most challenging conditions, courageously and dutifully fulfilled their mission of securing the country’s energy supply.
US President Donald Trump is seriously considering imposing 500% tariffs on countries, including India and China, that buy Russian energy.
Oil Minister Mohsen Paknejad emphasized that aggression against energy-producing countries violates international law and threatens global stability, stating that the energy industry—particularly oil—requires peace and stability to fulfill its role in enhancing prosperity at national, regional, and global levels.
Iran has boosted its oil production to a near-record 5.1 million barrels per day in 2024, defying U.S. sanctions and Israeli aggression, with domestic companies and the IRGC driving the surge, according to a Bloomberg report citing the UK Energy Institute.
The latest summit of the Economic Cooperation Organization (ECO), held in Khankandi, Azerbaijan, brought renewed attention to the untapped economic potential of the region.
spokesperson for Iran’s Union of Exporters of Oil, Gas, and Petrochemical Products stated that the oil market is simultaneously influenced by fundamental factors, countries’ economic conditions, and political developments.
Iran's first vice president reported that gasoline consumption exceeded production by 80 million liters on the first day of the 12-day war, but the economic situation was effectively managed.