Before the fall of exports, some 80 percent of Iran's foreign revenue had come from oil sales. The drop has contributed to a plummet in the country's currency has plummeted to less than half its former value.
Due to longstanding U.S. sanctions on Iran's oil industry, the country has been suffering from lack of technology and equipment in its oil sector, but a senior official said that problem, too, is being solved.
Ahmad Qalehbani, head of state-owned National Iranian Oil Company, told the semi-official ISNA news agency that the country is capable of producing its own equipment for 85 percent of its needs in the oil industry.
Need to finance your business? Get a business loan today. Apply free!