IC 8203 The Petroleum Industry Of Iran ? Introduction (e4593a6d-7ed3-4455-9f7e-c3d9fbbdf097)

Iran's petroleum industry is nearly 50 years old and the oldest in the Near East. According to published figures, Iran ranks third in production and reserves in the Near East. These reserves (including probable reserves) are estimated at 35 billion barrels and constitute about 11 percent of the world's total. Iran is the sixth largest producer of crude petroleum in the world. The 1961 output of more than 430 million barrels was 5 percent of total world output for the year. In the same year, Iran ranked fourth among world petroleum exporters, providing 8.4 percent of total world exports.