16 Countries With The Biggest Oil Reserves In The World in 2017

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4. Iran

Proven Reserves (billions of barrels): 158.4

Iran is also one of the 16 countries with the biggest oil reserves in the world in 2017. Out of total exports worth $97.39 billion, Iran’s oil exports represented around $41.12 billion in 2016. With its sanctions lifted, Iran registered an increase in production to 4.60 million barrels per day in 2016, from 3.82 million in 2012. Iran has a refinery capacity of 1.99 million barrels per day, which is the second-highest in the Middle East, behind Saudi Arabia. The National Iranian Oil Company is the country’s main state-controlled corporation, and produces around 4 million barrels of oil per day.

Borna_Mirahmadian/Shutterstock.com

Borna_Mirahmadian/Shutterstock.com

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