Iran's Oil IndustryIran is the world's fourth-largest producer of crude oil. In 2002 Iran produced approximately 3.72 million barrels per day (Mbbl/d). It is estimated that Iran has the second-largest reserves of untapped petroleum in the world, (125.8 billion barrels) second only behind Saudi Arabia (260 billion barrels). Iranian reserves amount to one-tenth of the world's estimated total supply. Iran also has estimated reserves of 940 trillion cubic feet of gas about 16% of total world reserves.
Petroleum production has been the main industry in Iran since the 1920s. The oil industry was nationalized in 1951 with the then government forming the National Iranian Oil Company (NIOC). Petrochemical exports now generate about US$1 billion dollars a year with major trading partners being China, India and Japan. In 2003, the vast majority (about 90%) of oil exported from the Persian Gulf was carried by tanker through the Strait of Hormuz.
In 2003, Iran announced the discovery of the world's second largest oilfield near the Persian Gulf port of Bushehr with an estimated reserve of 38 billion barrels.
Guide to Tehran
Blood and Oil: The Dangers and Consequences of America's Growing Dependency on Imported Petroleum by Michael T Klare
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