Iran is determined to develop its oil industry, despite US sanctions imposed on the country, said the Minister of oil of Iran Bijan Zanganeh in a televised speech on Saturday.
"We will not surrender under any circumstances ... We must build their capacity if necessary ... we could go to the market and to recover its share of it," said Zanganeh.
After the introduction of new U.S. sanctions since Washington withdrew from the nuclear deal with Iran in 2015, exports of oil from Iran is estimated at 100 -200 thousand barrels per day, compared to more than 2.5 million barrels per day that Iran supplied in April 2018.
oil Production in the Islamic Republic decreased by half and amounted to about 2 million barrels per day.
Earlier it was reported that the production of steel billets in Iran could exceed 30 million tons in the current Iranian calendar year (ending March 20, 2021). Thus, American sanctions against metallurgical sector of the Republic has not had a strong impact on a rapidly growing sector.
currently, the Islamic Republic is the 10th largest steel producer in the world and plans to climb to the 8th place to the 1404 Iranian calendar year (will start in March 2025), surpassing countries such as Turkey and Brazil, which by the end of 2019 is an 8 and # 9 in the top 10 global steel producers.
