Iran Accounts for over 9% of Global Crude Oil Reserves


Jan. 26 2016, Updated 9:20 a.m. ET

Proven oil reserves

According to the BP statistical review of the world’s proven oil reserves, Iran had 157.8 thousand million barrels of oil reserves at the end of 2014. OPEC had around 1,216,000 million barrels of proven reserves. Iran accounts for 9.3% of the world’s proven crude oil reserves. The United States (SPY) and Russia (RSX) had 48,500 million and 103,200 million barrels, respectively, in oil reserves. Saudi Arabia had about 261,000 million barrels of oil reserves, or about 20% of OPEC’s (Organization of the Petroleum Exporting Countries) proven oil reserves.

[marketrealist-chart id=996875]

Article continues below advertisement

Proven gas reserves

The report put Iran’s proven gas reserves at 34 trillion cubic meters in 2014. In comparison, Saudi Arabia had 8.2 trillion cubic meters of proven gas reserves.

Iran produced 172.6 billion cubic meters, although it consumed 170.2 billion cubic meters in 2014. However, the recent project to develop natural gas fields will boost its natural gas output.

US energy companies such as ExxonMobil (XOM) and Chevron (CVX) operate with a production mix of 46% and 33%, respectively, in natural gas. The Russian energy giant Gazprom Pao (OGZPY) has an 85% production mix in natural gas. Canadian energy companies Imperial Oil (IMO) and Suncor Energy (SU) operate with production mixes of 10% and 0.5%, respectively, in natural gas. The graph above shows the performance of the United States Natural Gas Fund (UNG) in the last five years.

In the next part of this series, we’ll discuss moving averages and analysts’ estimates for upstream companies.


More From Market Realist

  • Angels and Tomboys creators Mallory Iyana and Madison Star
    'Shark Tank' Angels and Tomboys—e-Commerce to Brick-and-Mortar
  • David and Joanna Parker of Yumble
    Meal Subscription Service Yumble Didn’t Tumble After ‘Shark Tank’
  • People looking at data on a laptop
    Best Penny Stocks for Investors to Buy Below $5
  • Amish men and children in a buggy
    Yes, Amish and Mennonite Communities Pay Taxes — Here's How
  • CONNECT with Market Realist
  • Link to Facebook
  • Link to Twitter
  • Link to Instagram
  • Link to Email Subscribe
Market Realist Logo
Do Not Sell My Personal Information

© Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.