Name: Russia-Iran gas partnership: strategic shift or symbolic move?
Brand: Wood Mackenzie
SKU: 199632
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Author: Wood Mackenzie

Insight 25 April 2025

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Russia and Iran have signed a major gas supply agreement, signalling a potential realignment in regional energy flows. This analysis explores the details of the deal, which aims to scale up to 55 bcma. We examine the strategic motivations behind the partnership, highlighting how it addresses both countries’ evolving energy needs and market constraints. The report assesses the infrastructure required to support the deal, including current pipeline capacity and prospects for new developments. We provide an overview of the ongoing price negotiations and outline our assumptions for future gas prices. Finally, we explore the broader geopolitical consequences, including the potential impact on Azerbaijan’s role as a transit country and how the deal could expand Russia’s access to new gas markets.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Executive summary
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<li class="list__item-toggle font-semibold">
        Deal description
    </li>

<li class="list__item-toggle font-semibold">
        Redirecting Russian gas south: infrastructure, cost and pricing
    </li>

<li class="list__item-toggle font-semibold">
        Iran gas crisis: surging demand, shrinking exports, and reinjection strain
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<li class="list__item-toggle font-semibold">
        Russia’s gas surplus: stranded volumes in search of new markets
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<li class="list__item-toggle font-semibold">
        Track record of Russia–Iran cooperation in the energy sector
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        <li class="list__item push-quarter--bottom">Gas export route</li><li class="list__item push-quarter--bottom">Gas prices assumption for Iran and Russia</li><li class="list__item push-quarter--bottom">Iran’s unconstrained gas supply-demand model</li><li class="list__item push-quarter--bottom">Russia pipeline export routes</li><li class="list__item push-quarter--bottom">Western Siberia giant gas fields production</li>
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<p class="font-regular" >Russia-Iran gas partnership: strategic shift or symbolic move?</p>
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