Iran's Oil Minister Rostam Qasemi says the country is approaching “total self-sufficiency” in the production of equipment required in the country's oil industry.
“Much of the equipment needed for oil industry are being produced by local manufacturers,” the Iranian minister stressed.
Qasemi also described the US-led sanctions on Iran's oil industry as “ineffective” on Tuesday. This is while Washington has been making intense efforts to force other allied countries to collaborate in imposing an embargo on Iran's oil exports.
Last week, the Iranian oil minister said that the country has enough reserves to produce oil for the next 100 years while most oil-rich countries will lose their reserves within the next 30 years.
Qasemi said that oil reserves of other Middle Eastern countries will be depleted in the next 60 years.
On New Year's Eve, US President Barack Obama signed into law fresh economic sanctions against Iran's Central Bank in an apparent bid to punish foreign companies and banks that do business with the Iranian financial institution.
The bill is aimed at discouraging refiners across the world from paying for Iranian oil. The European Union is also considering measures that would forbid member states from importing Iranian crude.
Iran's First Vice President Mohammad-Reza Rahimi has warned, however, that imposing sanctions against the country's energy sector will prompt Tehran to halt oil cargoes from passage through the strategic Strait of Hormuz.
“If they impose sanctions on Iran's oil, not even a drop of oil will be allowed to pass through the Strait of Hormuz,” he warned.