Venezuelan President Nicolas Maduro announced Saturday, during his visit to Tehran to meet his Iranian counterpart Ebrahim Raisi, the signing of a 20-year agreement to expand joint cooperation in various sectors, such as oil, banking, and economics. 

He stated that Caracas and Tehran both have revolutionary backgrounds and have always helped one another in difficult times.

Venezuela welcomes and invites investment from Iran, with Maduro stating that a delegation presently following him intends to discover methods to deepen relations and that Venezuela and Iran would usher in a new era in mutual relations.

'Era of US dominance is over' - Maduro 

Following the meeting, Maduro highlighted that Venezuela and Iran share the goal of opposing colonialism and imperialism worldwide.

He believes that both countries should share information in all disciplines in order to create a new world, emphasizing that humanity is changing and that a new geopolitical structure will be built in the world.

Venezuela and Iran, he claims, are at the forefront of shaping a world free of imperialism and dominant powers.

"The era of the United States' military dominance in the world is over,” the Venezuelan president stated.

Venezuela and Iran, two countries united by the same view on international issues and victims of coercive measures by the US and its allies, have diplomatic connections dating back more than 60 years.  He stated that numerous companies are prepared to work in Venezuela, proving that defying US sanctions would finally bear rewards.

The Venezuelan president also emphasized the importance of fully informing the Iranian and Venezuelan nations about the sanctions war and finding resolute measures to oppose it. He stated that Caracas and Tehran have developed and are striving to expand a resistance economy plan. 

Iran challenges US sanctions

Maduro praised Iran's brave decision to send fuel tankers to his energy-starved country, saying Tehran's delivery of oil to Caracas was a huge help to the Venezuelan people. Iran sent fuel to Venezuela despite US sanctions and threats, Maduro stressed.

Iran and Venezuela have managed to withstand economic pressure from the United States, and have closely cooperated to offset the impact of illegal sanctions, particularly those targeting their energy sectors.

In response to US pressure on Venezuela's transportation and commerce services, Iran has supplied gasoline supplies and equipment required in oil refineries. Venezuela has also received significant shipments of condensate, a heavy oil diluent, from Iran.

Oil shortages and production

In May 2020, Iran delivered five tankers filled with 1.53 million barrels of gasoline and additives to Venezuela as part of the Tehran-Caracas strategic partnership to feed the South American country, which is suffering from severe fuel shortages as a result of unilateral US sanctions.

Venezuelan oil specialists verified the country's large increase in output, emphasizing that Iranian naphtha is critical for the government in Caracas to be able to sell petroleum from the Orinoco Oil Belt, which must be diluted before being sold on global markets.

Read next: Tanker carrying Iranian oil arrives in Venezuelan waters: Reports

Analysts in the oil business reported in January that Venezuela had increased its oil production thanks to Iran's assistance, despite US sanctions on Caracas.

According to oil industry insiders, Venezuelan oil production averaged 900,000 barrels per day (BPD) in December and could exceed 850,000 BPD in January.

Regarding Ukraine

On the international scene, specifically the war in Ukraine, the Venezuelan head of state said "we are living through a time of geopolitical transition that will define the destiny of the 21st century."

Hegemonic dominance has been declining for a century, and Iran and Venezuela are at the vanguard of this process, according to Maduro."The complete plan of cooperation is the spearhead toward the creation of a new world."

Read next: Ukraine is ruled by the US almost like a colony: Maduro

Palestine, humanity's most important cause

Venezuela's president referred to Palestine as humanity's most important cause. Maduro praised Palestine's heritage for allowing members of all religions to coexist together.

Maduro chastised the international community for keeping mute in the face of the Israeli regime's atrocities against the Palestinian people, adding that Venezuela and Iran would continue to back the Palestinian struggle against Israeli oppression.

Moreover, these visits come as part of an international tour by the Venezuelan president, which started in Turkey. 

Read next: Maduro to Al Mayadeen: We will not abandon Palestine