Iran, Russia to Implement Strategic Cooperation Agreement
President Masoud Pezeshkian reaffirmed Tehran’s commitment to implementing a comprehensive strategic cooperation agreement with Russia, saying Iran is determined to put the signed accord into effect and expects Moscow to expedite and finalize its part of the process.
Citing the Iranian presidency, Pezeshkian made the comments Friday during a meeting with Russian President Vladimir Putin on the sidelines of the International Peace and Trust Conference in Turkmenistan. He expressed satisfaction with the strong and expanding ties between Tehran and Moscow and thanked Russia for its support of Iran in international forums.
“We are committed to implementing and operationalizing the strategic cooperation agreement we have signed,” he said. Pezeshkian noted that joint projects — particularly in the power, transportation and transit sectors — are moving forward. He added that Iran will complete preparations for full implementation of the corridor project by the end of the year and said he expects Russia to accelerate and finalize its commitments as well.
The president said expanding the North-South and East-West corridors also remains a priority, adding that work on these routes is progressing rapidly. “Your directives will certainly speed up the implementation of these important and strategic projects,” he told Putin. Pezeshkian described agricultural cooperation between the two nations as highly beneficial and said the model can be expanded into other sectors. “We have no choice but to pursue joint cooperation, especially through international and regional organizations such as the Shanghai Cooperation Organization and BRICS, to counter unilateralism,” he said.
Iran-Russia Trade Up 13%
Putin called the signing of the comprehensive strategic cooperation agreement a milestone in bilateral relations. He said trade between Iran and Russia grew 13% last year and has increased 8% in the first nine months of this year. He said joint work in the power sector and on developing transit infrastructure will continue, and that the two sides are exploring cooperation on gas and electricity supplies to Iran. Putin added that the countries maintain close contact and coordination on international issues. “Russia has always supported Iran at the United Nations, and this position will continue,” he said. - Shana
14/12/2025
US Forces Raided Ship Headed to Iran from China
A U.S. special operations team in the Indian Ocean raided a ship headed to Iran from China last month and seized military-related articles, the Wall Street Journal reported on Friday, citing U.S. officials.
The cargo consisted of components potentially useful for Iran's conventional weapons, one official said, adding the shipment had been destroyed. U.S. forces boarded the ship several hundred miles off the coast of Sri Lanka, according to the newspaper, which added the vessel was later allowed to proceed. - Reuters
14/12/2025
US Seizes Oil Tanker off Venezuelan Coast Linked to Iran
The United States seized an oil tanker off the coast of Venezuela on Wednesday, President Donald Trump said, escalating US pressure on President Nicolas Maduro’s regime. “As you probably know we’ve just seized a tanker on the coast of Venezuela,” Trump said. “Large tanker, very large, largest one ever seized, actually.”
Attorney General Pam Bondi said the tanker has been sanctioned by the US for multiple years “due to its involvement in an illicit oil shipping network supporting foreign terrorist organizations,” including Venezuela and Iran.
Bondi posted a video on X showing armed personnel rappelling on to the ship from a helicopter, then moving on deck with guns drawn. She said the FBI, Homeland Security Investigations and the US Coast Guard, conducted the seizure “with support from the Department of War.”
The seizure came as Venezuelan opposition leader and Nobel laureate Maria Corina Machado touched down in Oslo, after she defied a travel ban and fled the country. President Trump did not offer any detailed explanation for the move, saying only that the vessel was seized “for very good reason.” Asked what would happen to the oil the tanker was transporting, Trump said, “We keep it, I guess.”
The seizure occurred in international waters, a senior US official said, and proceeded without incident or casualties either among the US personnel or the tanker’s crew. The ship, which was headed to Cuba, was ultimately destined for Asia after being brokered through Cuban sellers, the senior official said, adding that additional seizures are possible in the coming weeks as the US applies pressure on Maduro. The vessel, named the Skipper, was carrying Venezuelan crude, the official said.
The Skipper, previously named the Adisa, was sanctioned by the US in 2022 for facilitating oil trades for Hezbollah and Iran’s Islamic Revolutionary Guard Corps-Quds Force. In response to questions from CNN, Trump said he had not spoken to Maduro recently and declined to say who owns the seized tanker. The Venezuelan government said it “strongly denounces” the seizure and described the move as an “act of international piracy” in a statement Wednesday.
“In these circumstances, the true reasons for the prolonged aggression against Venezuela have finally been revealed,” the statement said. “It is not migration. It is not drug trafficking. It is not democracy. It is not human rights. It has always been about our natural wealth, our oil, our energy, the resources that belong exclusively to the Venezuelan people.” Venezuela said it would appeal the seizure to “all existing international bodies.”
The US is now months into its pressure campaign on Venezuela that has included moving thousands of troops and a carrier strike group into the Caribbean, strikes on suspected drug boats and repeated threats against Maduro. So far, the US military has killed 87 people in strikes that have destroyed 23 alleged drug boats, and Trump has repeatedly suggested action on land could come soon.
CNN has reported the Trump administration is working on day-after plans in the event Maduro is ousted from power, according to two senior administration officials and another source familiar with the discussions. Maduro did not address the seized tanker in a speech Wednesday that was occurring as news of the US’s move was circulating.
Tanker hid its location, satellite imager shows
According to satellite imagery and shipping data reviewed by CNN, the Skipper hid its true location while docked at a Venezuelan oil terminal last month. On November 18, the Skipper was seen on satellite imagery docked around seven miles from the coastal Venezuelan city of Barcelona, according to a satellite image provided by Planet Labs. But at the same time, the ship’s Automatic Identification System (AIS) transponder was indicating it was located around 560 miles away, off the coast of Georgetown, Guyana.
Analysts say oil tankers sometimes “spoof” their AIS location in an attempt to hide questionable or illegal activities. The tanker was flying a Guyana flag, despite not being registered in Guyana, the country’s Maritime Administration Department said in a statement posted to Facebook. Prior to arriving in Venezuela, the Skipper docked in Egypt, the UAE and Hong Kong, according to shipping data. In early July, it appeared to loiter less than 15 miles off Iran’s coast for several days.
Cuba, the tanker’s intended next destination, has already been grappling with some of the worst power outages in decades, with blackouts stretching for hours, sometimes days. Cuba’s foreign minister called seizure an “aggressive escalation” in a post to X. The communist-run island’s aging energy infrastructure is dependent on oil imports, often in the form of donations coming from allies like Venezuela, Russia and Mexico.
14/12/2025
New Gasoline Pricing Plan Begins in Iran
Iran began selling gasoline at a free-market price of IRR 50,000 (3.9 cents) per liter under a new rationing plan that took effect early Saturday (13 December) eliminating fuel quotas for government vehicles, imported cars and vehicles in free trade zones.
Under the plan, quotas for government vehicles — except ambulances — as well as imported vehicles and cars registered in free zones have been removed. These vehicles must now refuel at the free-market rate of IRR 50,000 per liter.
Private vehicles will continue to receive a monthly quota of 160 liters, including 60 liters at the subsidized rate of IRR 15,000 (1.2 cent) per liter and 100 liters at a second-tier rate of IRR 30,000 (2.4 cent) per liter. Any additional consumption will be supplied using station cards at the free-market rate.
Fuel credits for online drivers
The National Iranian Oil Products Distribution Company said drivers and riders active on online platforms will receive additional fuel support in the form of separate monetary fuel credits, on top of the general quota.
Monthly credit allocations are set at 200 liters for gasoline-powered cars (in addition to the 60-liter first-tier and 100-liter second-tier quotas), 95 liters for dual-fuel vehicles (in addition to 30 liters and 100 liters), and 40 liters for motorcycles (in addition to 25 liters at the first-tier rate and 35 liters at the second-tier rate).
Under the mechanism, drivers initially purchase fuel at the free-market rate of IRR 50,000 per liter. After mileage is calculated by the Interior Ministry, the government will deposit the difference between the second-tier price (IRR 30,000) and the free-market price directly into drivers’ and riders’ bank accounts.
Imported vehicles and newly registered domestic vehicles operating on online platforms, whose subsidized quotas have been removed, will also be eligible for monthly fuel credits based on verified mileage — 200 liters for gasoline vehicles and 95 liters for dual-fuel vehicles. The distribution company said online platforms are required not to increase trip fares due to higher fuel prices, and that dynamic pricing based on supply and demand will remain in place.
Rules for multiple car owners
The National Iranian Oil Products Distribution Co. said only one private passenger vehicle per individual with multiple cars will be eligible for subsidized fuel — 60 liters at IRR 15,000 and 100 liters at IRR 30,000 per month. To implement the rule, the smart fuel card services portal at fcs.niopdc.ir became available Tuesday, Dec. 18. Eligible owners can log in through the national smart government services gateway and register vehicle ownership documents and license plate information to select one vehicle for the subsidized quota.
The policy is based on individual ownership, and no decision has been made regarding household-level limits. The multiple-vehicle definition applies only to privately owned passenger cars. Motorcycles and public-service vehicles owned by individuals, such as pickup trucks and taxis, are exempt. Owners who fail to select a primary vehicle within one month will retain the fuel card with the highest number of transactions over the past three months. Other cards will be canceled and reissued only upon reapplication and at the free-market rate.
The government said the plan aims to manage fuel consumption, reduce gasoline imports, support low-income groups and curb air pollution. Officials said most consumer demand is expected to be met through subsidized and credit-based quotas, minimizing reliance on station fuel cards. - Shana
14/12/2025
Iran Detains 18 Crew Members of Seized Foreign Tanker
Iranian authorities detained 18 crew members of a foreign tanker seized in the Gulf of Oman on Friday that they said was carrying 6 million litres of smuggled fuel, Iranian media reported on Saturday, citing the Hormozgan province judiciary.
It said those detained under the ongoing investigation include the captain of the tanker. The semi-official news agency Fars said the crew were from India, Sri Lanka and Bangladesh.
The authorities said the tanker had committed multiple violations, including "ignoring stop orders, attempting to flee, (and) lacking navigation and cargo documentation".
Iran, which has some of the world's lowest fuel prices due to heavy subsidies and the plunge in the value of its national currency, has been fighting rampant fuel smuggling by land to neighbouring countries and by sea to Persian Gulf Arab states. - Reuters
14/12/2025
Iraq & Qatar Review Means to Enhance Investment Ties
Iraq and Qatar have discussed steps to strengthen economic and trade cooperation, including advancing an investment protection and promotion agreement and expanding joint projects.
The talks covered opportunities to diversify Iraq's import sources through GCC states, improve logistics routes, and reduce transport costs by making greater use of advanced Qatari port services. Both sides also explored broader cooperation in industry, services, trade and infrastructure, aimed at improving the investment environment and encouraging partnerships between Iraqi and Qatari businesses.
Preparations were reviewed for the next session of the Iraq-Qatar Joint Committee, with emphasis on activating this framework to deepen cooperation and expand public- and private-sector partnerships. The two sides stressed the importance of continued consultation and institutional engagement to support economic stability and mutual interests.
14/12/2025
Oil Retreats as Investor Focus Returns to Ukraine Peace Talks
Oil prices eased on Thursday as investors shifted focus back to Russia-Ukraine peace talks and monitored potential fallout from a U.S. seizure of a sanctioned tanker off the coast of Venezuela.
Brent crude futures were down 50 cents, or 0.8%, at US$61.71 a barrel, as of 0730 GMT, while U.S. West Texas Intermediate crude fell 46 cents, or 0.8%, to US$58.00 a barrel.
The benchmarks settled higher a day earlier after the U.S. said it seized an oil tanker off the coast of Venezuela, as escalating tensions between the two countries raised concerns about supply disruptions.
"So far, the seizure has not trickled down to the market, but further escalation will impose heavy crude price volatility," said Emril Jamil, a senior oil analyst at LSEG.
"The market remains in limbo, eyeing the Russian-Ukraine peace deal progress."
On Wednesday, U.S. President Donald Trump said "we've just seized a tanker on the coast of Venezuela, large tanker, very large, largest one ever, actually, and other things are happening."
Trump administration officials did not name the vessel. British maritime risk management group Vanguard said the tanker, Skipper, was believed to have been seized off Venezuela.
Traders and industry sources said Asian buyers are demanding steep discounts on Venezuelan crude, pressured by a surge of sanctioned oil from Russia and Iran and heightened loading risks in the South American country as the U.S. boosts its military presence in the Caribbean.
Investors were more focused on developments in Russia-Ukraine peace talks. The leaders of Britain, France and Germany held a call with Trump to discuss Washington's latest peace efforts to end the war in Ukraine, in what they said was a "critical moment" in the process.
Reports of Ukraine striking a vessel from Russia's shadow fleet lent support to prices for now, IG market analyst Tony Sycamore said in a note.
"These developments are likely to keep crude oil above our key US$55 support level into year-end, barring an unexpected peace deal in Ukraine," Sycamore said.
In other news, a sharply divided Federal Reserve reduced its benchmark interest rate. Lower rates can reduce consumer borrowing costs and boost economic growth and oil demand.
Meanwhile, a drawdown in U.S. crude inventories also lent support to prices even though the drop was milder than expected.
Crude inventories fell by 1.8 million barrels to 425.7 million barrels in the week ended December 5, the Energy Information Administration said in its weekly Petroleum Status Report, compared with analysts' expectations in a Reuters poll for a draw of 2.3 million barrels.
14/12/2025