Russia is set to potentially supply 1.8 billion cubic meters (bcm) of natural gas to Iran in 2025, although the price for this gas has yet to be finalized. The announcement came during a visit by Iranian Oil Minister Mohsen Paknejad to Moscow, where he emphasized that both nations are committed to making the agreement official as soon as possible.
During a previous meeting in January, Russian President Vladimir Putin indicated that Russia may ultimately provide up to 55 bcm of gas annually to Iran, starting with initial shipments in the range of 2 bcm. This collaboration highlights the strengthening ties between the two countries amidst various global economic challenges.
Paknejad also expressed concerns about the uncertainties plaguing the global oil market, particularly due to the implications of trade tariffs. U.S. President Donald Trump’s imposition of significant tariffs on a range of nations has contributed to instability in business and consumer confidence, leading to a swift decline in U.S. assets.
Furthermore, Paknejad noted that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, which include Russia, are prepared to take necessary measures to maintain stability in the oil market. However, he did not provide specific details regarding potential strategies or actions.
In the upcoming weeks, several OPEC+ members have suggested a need to accelerate oil output increases in June, following the patterns seen in previous months. The OPEC+ coalition is scheduled to convene in early May to deliberate on its policies moving forward, as the group aims to navigate the complexities of the evolving oil landscape.