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Ahwaz hosting one of the major oil shows in Iran

Wednesday, 09 February 2022 3:02 AM [ Last Update: Wednesday, 09 February 2022 3:07 AM ]

Yusef Jalali
Press TV, Ahwaz

Iran's oil rich city of Ahwaz is hosting one of the major oil shows in the country. The Ahwaz Oil Exhibition brought together 210 local firms active in the production of petroleum equipment as well as contractors of mega oil projects. 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 Washington’s 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, including drilling bits. And the result is beyond expectation.

In 2018, Iran was the third largest oil producer in the Organization of Petroleum Exporting Countries.

Following the US’s unilateral withdrawal from the 2015 deal and the re-imposition of sanctions the same year, Iran’s oil output almost halved to less than two million barrels a day, while its exports tumbled to less than one million bpds, down from 2.5 million. This prompted the country to rebuild its oil sector using its domestic know-how; a long-term goal which if accomplished will make the country an oil power.

Less than a century ago, Iran marked a milestone by nationalizing its petroleum.Today it is on the track toward indigenizing the strategic industry. Experts here say this would be another turning point in the oil sector, since it would shield the country's crude from the impacts of US sanctions.

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