Iranian Oil Minister Mohsen Paknejad said President Donald Trump constantly makes claims but Iran continues its operations despite his boasting, with no concern about Trump's statements, IRNA reported on January 14.

"We carry out our procedures and work despite his boasting, and there is no concern regarding Trump's claims," Paknejad said.

Regarding recent developments in Venezuela, Paknejad said Iranian Oil Ministry colleagues were present in recent days, which led to "America's illegal action against Venezuela and are following up on Venezuela's debts to Iran", according to IRNA.

Iran's oil receivables owed by Venezuela date back three or four years, with mechanisms taken into consideration in this regard, Paknejad said.

The comments came as Trump announced on January 12 that a 25% tariff will be imposed immediately on all countries doing business with Iran following two weeks of protests against the system and the state of the economy. 

President Masoud Pezeshkian attended the signing of National Iranian Oil Company investment contracts valued at over $2 billion on January 15 for drilling services and crude oil processing, expected to increase production capacity by 315,000 barrels per day.

Iran exported oil to Venezuela during the Trump administration's first term, with Venezuelan state oil company PDVSA owing Iran for petroleum shipments and technical services. The US imposed sanctions on both countries' oil sectors, though trade between Tehran and Caracas continued through various mechanisms.

Trump ordered US forces to seize Venezuelan President Nicolas Maduro during a raid in Caracas in January 2026, escalating tensions between Washington and Caracas.