Former Iranian President Ebrahim Raisi at a meeting with Venezuelan President Nicolas Maduro
US election means little to Tehran and Caracas
Geopolitical strife embroiling Iran and political corruption in Venezuela suggest little near-term change to oil production from either of the sanctioned states
The US will choose between two starkly different candidates in November’s election, but for the oil industries of Iran and Venezuela—the two OPEC members against which Washington has imposed economic sanctions—the result is likely a foregone conclusion. Washington’s relationship with Iran has been turbulent since the Islamic Revolution in 1979, and poor with Venezuela since Hugo Chavez was elected in 1999 and Nicolas Maduro came to power in 2013. The US is not the only government to have sanctions in place against Iran. On many occasions in the past 30 years, the EU, the UN and individual countries (e.g. Canada, Australia, India, Switzerland, Japan and South Korea) have imposed various measu
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
