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Venezuela’s true oil potential
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Russian deputy PM Alexander Novak and Iranian petroleum minister Javad Owji at the Tehran Oil Exhibition
Opinion
Iran Russia Markets Politics NOCs
Danial Rahmat
Tehran
7 June 2023
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Letter from Iran: Tehran's dreams and Moscow's deceptions

Russia is making a show of support for Iran as the two nations strengthen their ties, but the promised investment may never materialise

While the Ukraine conflict has widened the rift between Russia and the West, a more nuanced transformation is unfolding across the Middle East's geopolitical landscape as a result of the war. Alongside its cautious rapprochement with the Gulf Cooperation Council, shared problems have pushed Iran into deepening its political and economic relations with Russia. Tehran and Moscow have not only expanded their military cooperation, but have also signed economic agreements in the energy and transport sectors. For its part, Iran perceives itself on the brink of realising its long-held aspiration of forging a strategic alliance with Russia and China. The reality is more complex, however. The severit

Also in this section
Venezuela’s true oil potential
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
Outlook 2026: China’s ‘electrostate’ vision
Outlook 2026
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
Southeast Asia’s digital age requires the right energy mix
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
Outlook 2006: The North Sea’s next chapter – From backbone to blueprint
Outlook 2026
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future

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