5 Countries with the Largest Proven Oil Reserves in the World

3. Iran

Total Proven Oil Reserves in 2022: 208.6 billion barrels

For Iranians, cheap gasoline is practically considered a birthright, as their country is among the Top 3 Oil Holders in the World. Heavy state subsidies have been keeping gas prices low, however, due to the widening gap between supply (which is limited by domestic refining capacity) and rising demand, the government has been forced to tap its strategic reserves and import petrol for the first time in a decade.

Around 80% of Iran’s oil production comes from aging fields facing pressure drops, resulting in an annual production decline of 8% to 10%.