Iran holds world’s 4th largest crude oil reserves

TEHRAN, May 19 (MNA) – In its latest report, US Energy Information Agency (EIA) announced that Islamic Republic of Iran holds fourth largest crude oil reserves in the world.

In addition, EIA said that Iran owns second largest natural gas reserve in the world.

Following lifting of sanctions imposed by US against Iran’s oil sector in 2016, Iran’s oil output volume hit more than 3.8 million barrels per day (bpd) in 2017.

Despite its rich oil reserves, Iran’s crude oil production volume experienced a considerable decline due to insufficient investment and negative impacts of internationally-imposed sanctions on the Islamic Republic of Iran.

Unlike significant oil slump, natural gas production volume of the country has increased considerably during these years, EIA observed.

Islamic Republic of Iran has one of the largest proven oil and gas reserves in the world. The country is ranked among top 10 and five main oil and gas producing countries in the world respectively.

EIA went on to say that Iran produced about 4.7 million barrels of oil per day (bpd) in 2017. Moreover, the country produced about 7.2 trillion cubic meter dry natural gas per day in 2017, showing a considerable hike.

Consignments of Liquefied Natural Gas (LNG) is also transferred through Hormuz Strait in such a way that about 3.7 trillion cubic meter LNG, produced in Qatar in 2016, was exported to the world countries via Hormuz Strait.

According to the International Monetary Fund (IMF), Iranian government obtained over $33.6 billion revenues from exporting oil and natural gas in 2015-20126 fiscal year.  


News Code 134142


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