Iran a gasoline exporter?

TEHRAN, Sept. 16 (UPI) -- Iranian refineries are producing enough gasoline to suggest the country could switch from an importer to an exporter, the country's oil minister hinted.

Iran reacted to sanctions that target its energy sector by focusing on a plan that would boost domestic production. Iran has some of the richest oil deposits in the world but a lack of refining capacity forced the country to rely on imports to meet much of its demand.

The Iranian Oil Ministry said gasoline production was up to 17.5 million gallons per day under a plan meant to reduce foreign dependency.

Iranian Oil Minister Masoud Mir Kazemi said his country was moving toward an era of self-reliance as gasoline production increased.

"This valuable success along with the hundreds of other great achievements depict the reality that great family of Iran's oil industry has started a new chapter in meeting the essential needs of the country and cutting dependency to arrogant powers," he was quoted by the Oil Ministry's Petroenergy Information Network.

Tehran said it was considering tightening the quota for the amount of gasoline private owners can purchase under a subsidy in an effort to curb consumption.