TEHRAN (Iran News) Mostafa Barzegar, Director General for Europe, America and the Commonwealth of Independent States at the Ministry of Oil’s International Affairs Department, made the remarks Monday during a televised interview on the occasion of the 19th session of the Iran–Russia Joint Commission on Economic Cooperation.

Barzegar stated that the three-day commission, held this week in Tehran, brings together senior officials from both countries with the aim of strengthening cooperation across key sectors including energy, agriculture, transportation and trade. He noted that the opening ceremony began on Monday, February 16, with the participation of Iran’s deputy oil minister. Expert-level meetings are being held during the first two days, while Russia’s energy minister, heading a high-ranking delegation, is scheduled to hold discussions with senior Iranian officials. The final document of the commission is expected to be drafted and signed on the concluding day, alongside several side agreements.

Referring to the 18th session of the commission, which was held in Moscow in May, Barzegar explained that the 19th session is taking place only about 10 months later—earlier than the usual annual schedule—due to the strategic importance of bilateral issues and the strong political will at the highest levels to expand cooperation.

He revealed that during the previous session, 193 provisions were approved to structure joint activities between the two sides. More than 75 percent of those commitments have either been implemented or completed, he said, while some remaining items require parliamentary approval due to legal considerations.

In the energy sector, Barzegar described oil and gas cooperation as one of the central pillars of Iran–Russia relations. He stated that major Russian firms have invested in seven oil fields in Iran and currently contribute around six percent of the country’s oil production. “The projected outlook foresees an increase of this share to 12 percent,” he said, signaling deeper upstream collaboration between Tehran and Moscow.

Beyond hydrocarbons, nuclear cooperation also featured prominently in his remarks. Barzegar pointed to ongoing collaboration with Russia in the development of nuclear energy infrastructure in Iran. He announced that a memorandum of understanding valued at $25 billion has been concluded for the construction of new large-scale and small-scale nuclear power plants in the Sirik region in southern Iran, as well as additional electricity generation facilities.

He explained that Russia has already made investments during the first phase of nuclear cooperation, while the second and third phases are currently underway. Given that five years have passed since the launch of certain projects, he said, the current commission session is expected to address outstanding issues and determine the next steps for implementation.

Gas imports from Russia were another major topic. Barzegar stated that in the first phase of the planned arrangement, annual imports of 55 billion cubic meters of Russian gas are envisaged, with an additional 55 billion cubic meters projected in the second phase. He added that electricity imports from Russia, routed through Azerbaijan, are also on the agenda as part of broader regional energy connectivity efforts.

Turning to trade and logistics, Barzegar identified transportation infrastructure as one of the most significant challenges facing bilateral economic expansion. He stressed the importance of the International North–South Transport Corridor as a key platform for boosting cooperation. However, he noted that incomplete railway links—particularly the Rasht–Astara rail segment—have limited the corridor’s full operational capacity, resulting in a greater reliance on road transport. Efforts are underway, he said, to enhance rail and maritime capabilities to facilitate smoother transit flows.

Barzegar also highlighted positive trends in agricultural cooperation, stating that trade in agricultural products and essential goods between the two countries has recorded significant growth compared to last year.

In concluding his remarks, he noted that Iran currently maintains around 50 active joint commissions with various countries. Despite what he described as strategic and friendly relations between Tehran and Moscow, bilateral trade volume currently stands at approximately $5 billion—far below its potential. The two sides have set a short-term target of increasing annual trade to $20 billion.

The 19th Iran–Russia Joint Commission is expected to serve as a critical platform for accelerating cooperation in energy production, nuclear development, transportation infrastructure, and trade, reflecting a broader strategic alignment between the two countries across multiple sectors.

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TEHRAN (Iran News) This downturn was largely attributed to rising oil production by the OPEC+ alliance and mounting fears of a global economic slowdown—particularly in key markets like China and the United States.

Saudi oil giant Aramco announced a decline in its net profit for the second quarter of 2025, down to $26 billion—a 4.6% drop compared to the same period last year. As a result, the company reduced its performance-based dividends by $10 billion.

In parallel, the U.S. Energy Information Administration projected that the average price of West Texas Intermediate (WTI) crude for 2025 would hover around $61.81 per barrel. Similarly, HSBC revised its forecast for Brent crude to $68.50 for the year, reflecting a bearish outlook amid growing supply.

Increased output from both OPEC+ and the U.S. shale industry has contributed to a surplus in the oil market. Meanwhile, geopolitical tensions have added to market anxieties. American airstrikes on oil infrastructure in Yemen earlier this month stoked fears of potential supply disruptions.

However, a ceasefire agreement between the United States and Houthi forces, reached on May 6, helped ease some of the immediate geopolitical tensions. Still, the oil market remains on edge.

The volatility seen in May may just be a prelude to further instability if ongoing negotiations between Iran and the United States fail to yield meaningful results. Should diplomacy falter, we may well see even greater emotional and financial turbulence ripple through oil markets in the months ahead.

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TEHRAN (Iran News) The administration of President Masoud Pezeshkian will announce good news related to the oil industry in the coming days, spokesperson Fatemeh Mohajerani says.

The announcement will be made by the petroleum minister, Mohajerani said in her weekly briefing on Tuesday.

It will be related to job opportunities, investment development, and economic prosperity.

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TEHRAN (Iran News) Mohammad Rezvanifar said on Sunday that the weight of Iran’s non-oil trade with neighboring states stood at 64.5 million tons in the mentioned period, which has grown by 16%.

Rezvanifar noted that during this period, the highest value of Iran’s non-oil trade exchanges with neighboring nations was with the United Arab Emirates, Turkiye, Iraq, Pakistan, and Russia.

According to the official who is also a deputy minister of finance and economic affairs, in the first seven months of this year, Iran’s non-oil trade exchanges with the UAE, Turkiye, Iraq, Pakistan, and the Russian Federation amounted to 16.2 billion dollars, 9.9 billion dollars, 7.6 billion dollars, 1.6 billion dollars and 1.5 billion dollars respectively.

He went on to say that of the total non-oil trade exchanges of Iran with neighboring countries in the first seven months of this year, 51.1 million tons valued at 20.2 billion dollars were exports to the neighbors, and 13.4 million tons valued at 20.9 billion dollars were imports from those states.

The main export destinations of Iran were Iraq, the UAE, Turkiye, Afghanistan, and Pakistan, he added.

The customs administration announced Iran’s trade exchanges with the member states of the Organization of Islamic Cooperation (OIC) from March 21 to October 21 stood at 50.6 million tons of goods worth 20.364 billion dollars.

This amount of exports to the OIC member countries in the mentioned period shows a 15 percent increase in weight and a 22 percent increase in value compared to the same period last year.

According to this report, the volume of imports in the same period from the OIC member states stood at 12.4 million tons of goods worth 20.356 billion dollars, indicating a 14 percent increase in weight and a 21 percent increase in value.

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