Iran’s semi-official Fars news agency has stated that Tehran envisions to boost its oil exports to Venezuela, with a target of 860,000 barrels per day within three years. This plan involves not only exporting oil but also repairing Venezuelan refineries to facilitate this export. The goal is to restore Iran’s …
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Key PointsMutual interests and geopolitical considerations have long influenced the Iran-Venezuela energy relationship. Iran aims to increase Venezuela’s refining capacity by revamping its refining complex and reducing its reliance on US technology.Despite the rise in petroleum prices, trade and investment between Iran and Venezuela will continue to be limited due to their …
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Political and economic relations between Iran and Venezuela have grown over the past two decades. The South American country has the largest known oil reserves in the world but, despite being recognised as a leading economy on the continent for many years, Venezuela is a prime example of the “economic …
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When President Joe Biden announced a U.S. ban on Russian oil and other energy imports last week, he called the sanction a “powerful blow to Putin’s war machine” currently invading Ukraine. But the move means Washington must find alternative sources of crude elsewhere, and its search for new supplies, from …
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The US withdrawal from the Iran nuclear deal and sanctions on oil exports in 2018 have made the situation for Iran’s oil industry even more precarious. But US efforts to reduce Iran’s oil exports to zero have caused Tehran to sell oil in the grey market, or by using a third country. Despite the …
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