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Introduction
- Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), ranks among the world's top four holders of both proven oil and natural gas reserves. In 2012, Iran saw unprecedented drops in its oil exports as sanctions by the United States (U.S.) and European Union (EU) were tightened, targeting Iranian oil export revenues. Preliminary data show that Iran ranked fifth in terms of crude oil and condensate exports, which was in contrast to its third position only two years ago. Given the sanctions and resulting drop in production, export volumes likely will continue to be hampered.
- Iran has the world's second largest natural gas reserves, but the sector is underdeveloped and used mostly to meet domestic demand. In contrast to the decreasing oil production, natural gas development has been slowly expanding. Nonetheless, natural gas production has been lower than expected as a result of a lack of foreign investment and technology.
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page revision: 2, last edited: 25 Apr 2012 08:24