Iran plans to stop exporting crude oil
Iranian President Mahmoud Ahmadinejad said Iran should stop exporting crude oil and focus on selling refined oil products instead, a day after the US tightened sanctions on Tehran.
“We must stop the exports of crude oil,” Ahmadinejad was quoted as saying by the Islamic Republic News Agency (IRNA) in a speech opening a new refinery near Tehran. “We must go in such a direction that we do not export crude oil, and this is doable through the development of refineries and distribution.”
Iran has succeeded in reducing gasoline imports in recent years by building its refinery capacity, cutting fuel subsidies, rationing fuel and using more compressed natural gas.
Oil Minister Rostam Qasemi said that Iran hopes to turn one million barrels a day of oil into refined products by March 2016, according to the Fars new agency.