TEHRAN, Iran — A growing number of analysts and investors say the slowdown in China — the world’s second-largest oil consumer — and the expected stepping up of crude oil production in post-sanctions Iran are threatening already oversupplied energy markets.

For the Iranian government, which relies on petrodollars as a key source of income, falling oil prices resulted in a nearly $13 billion loss in revenues in the first seven months of 2015. To counter this dependency, President Hassan Rouhani has pledged — as has his predecessors — to develop the country’s tax system and expand non-oil exports. This approach enjoys the full backing of the Iranian leadership.

In a meeting with Rouhani and Cabinet members late last month, Supreme Leader Ayatollah Ali Khamenei suggested that the country’s significant potential in the mining sector should be realized as an alternative to oil. “The oil market, which falls from $100 to $40 following a sign from world powers and then actions by wicked elements in the region, is by no means reliable and we have to find an appropriate alternative. The mining sector is the best alternative,” Khamenei said.

While mostly known for its hydrocarbons, Iran is also among the world’s top 10 countries in terms of mineral resources. It has estimated mineral reserves of 60 billion metric tons, or 7% of that available on Earth. Of note, these minerals are diverse; more than 68 different types of minerals have been identified in Iran so far. These resources are reportedly worth up to $1 trillion. Yet, despite this huge wealth beneath the ground, mining only plays a minor role in the Iranian economy. According to Mohammad Reza Nematzadeh, the minister of industry, mines and trade, the mining sector accounted for just 1% of the country’s gross domestic product in the previous Iranian year (which ended on March 20, 2015). Nematzadeh said mining has the potential to triple its share of the Iranian economy.