5 Countries That Have the Largest Oil Reserves in the World Heading into 2023

3. Islamic Republic of Iran

Oil Reserves as of 2021: 208.6 billion barrels

The Islamic Republic of Iran, or simply Iran, is a Western Asian country whose oil is one of the most controversial topics in the world. Irani oil is heavily sanctioned by the U.S., which ends up restricting the number of customers that can buy it. Iran’s primary oil company is the National Iranian Oil Company, which at a time was the second largest oil company in the world in terms of revenue but latest figures are harder to determine. Its primary oil refiner is National Iranian Oil Refining and Distribution Company (NIORDC). Irani oil is often bought by India and China, with China’s purchases touching record levels earlier this year.