Iranian city of Ahvaz hosts major oil firms to boost crude output
Yusef Jalali
Press TV, Ahvaz
Iran's oil rich city of Ahvaz is hosting 270 local firms active in the production of petroleum equipment as well as contractors of mega oil projects to take part in the second Ahvaz Oil Show.
The aim of the four-day event is to support manufacturers of key petroleum equipment that are in the list of US sanctions.
For decades, Iran has relied on drilling bits produced by Germany, the US and even China to pump its crude, but US oil embargoes on Iran made it almost impossible to import efficient bits among other oil exploration and production equipment.
This forced Iran to try its own know-how to build its needed machinery, from drilling bits to pipelines. In 2018, Iran was the third largest oil producer in the Organization of Petroleum Exporting Countries.
Following the US re-imposition of sanctions against Iran in 2018, Iran’s oil output almost halved to less than two million barrels a day, while its exports tumbled to less than one million bpds.
That's why the government in Iran is now doing a major shift to local manufacturers to rebuild its oil sector; a long-term goal which if accomplished will make the country an oil power.
About seven decades ago, Iran marked a milestone by nationalizing its petroleum industry. Today it is on track toward indigenizing the strategic industry; something which experts here describe as another turning point in the oil sector, since it would shield the country's economy from the impacts of the oil embargoes.
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