(MENAFN) In its latest attempt to make the Western powers give up any plans to put more pressure on its economy, Iran has waved to halt oil exports if Western sanctions go any harsher, Reuters reported.
Western nations led by the United States have penalized the Islamic Republic with tough financial and economic sanctions to make it stop its controversial nuclear programme.
Iranian oil minister Rostam Qasemi said that his country has a "Plan B" contingency strategy to survive without oil revenues.
Previuosly, Iran threatened to block the Strait of Hormuz, which is a vital lane through which much of the GCC's seaborne oil exports pass.
Qasemi said Iran was still producing 4 million barrels per day (bpd), rejecting reports the country's output has fallen to around 2.7 million bpd.
Qasemi said Iran is consuming much more of its own oil thanks to a rapidly rising refining capacity.
He added that Iran has currently a refining capacity of 2 million bpd, with another 200,000 bpd of capacity to be added before the end of Iranian year next March.
The increase in refining capacity had already ended Iran's need to import vehicle fuel and could soon drive a boom in fuel exports, the minister said.
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