During Iranian President Ebrahim Raisi's visit to Venezuela on the first leg of a three-nation Latin American tour, the oil officials of the two countries inked cooperation agreements in various fields, including the oil sector.
The deals are on cooperation in the field of development of oil fields and terminals, and revival of refining and petrochemical capacities.
Oil cooperation between Iran and Venezuela gathered pace when the current administration of President Raisi took office in August 2021.
Iran and Venezuela totally account for about 40 percent of oil reserves in the world but they are still facing unilateral US sanctions imposed against the oil industry of the two countries.
Despite the sanctions, Iran has managed to indigenize 85 percent of the parts and equipment needed in the oil industry.
In addition to meeting domestic demand, Iran has managed to export technical and engineering services to regional and other countries, including Venezuela.