According to latest data available in 2019, Iran is estimated to hold at least 160.12 billion barrels of oil and 34 tcm of natural gas in place.
Iran holds the third largest crude oil reserves in OPEC and the fourth largest in the world, just behind Venezuela, Saudi Arabia and Canada.
Iran also holds about 18% of world total gas reserves.
According to OPEC, Iran comes second after Russia in terms of natural gas reserves, but according to BP, Iran comes first ahead of Russia.
BP also says Iran holds 9.3% of world’s total conventional oil deposits and 19.5% of the Middle East’s conventional oil deposits.
Located in an oil-rich region, Iran sits atop the world’s largest hydrocarbon reserves.