By Vania Raebel | October 7, 2019
An Oil-Rich Nation
Iran is an oil-rich nation, producing around four million barrels every day. Iran is also currently the world’s fourth-largest oil producer, owning 10% of the world’s oil reserves, the equivalent of at least 125 million barrels. Iran has a long history of oil exploration and production, dating back to the early 1900s.
Oil production in Iran reached a peak of six million barrels a day in the mid-1970s but has since slowed down due to numerous factors including the Iranian revolution in 1979, the war with Iraq in the 1980s, and sanctions imposed by countries such as the US.
