National Iranian Oil Company
| Total assets | US$200 billion (2012) |
| Owner | Iranian government (100%) |
| Number of employees | 87,500 (2018) |
| Parent | Ministry of Petroleum |
| Subsidiaries | NISOC IOOC ICOFC NIDC NICO NITCO |
Among the biggest customers for Iran is China, which, according to Beijing's official trade statistics, imported 62,000 barrels a day of Iranian oil in October, up from zero in June. Industry watchers said the actual totals were likely much higher and included oil transshipped through other Asian countries.
Key Takeaways. Many of the largest oil producers are in the Middle East, including Saudi Arabia, UAE, and Iraq. Saudi Arabia is the world's largest oil producer and accounts for roughly 15% of global output. Iran is one of the world's largest oil producer, but output is below potential due to economic sanctions.
Iran, as a Third World country, is far weaker than either the superpower United States or the rising First World power Israel. Look at the figures. The American GDP of over $18 trillion is more than 40 times the GDP of Iran ($450 billion).
Lower-middle-
income and upper-middle-
income economies are separated at a GNI per capita of $4,125.
Country Income Groups (World Bank Classification)
| Afghanistan | Low income |
|---|
| Indonesia | Lower middle income |
| Iran, Islamic Rep. | Upper middle income |
| Iraq | Upper middle income |
| Ireland | High income: OECD |
In 2019, the national
debt of
Iran amounted to around 262.58 billion U.S. dollars.
Iran: National debt from 2015 to 2025 (in billion U.S. dollars)
| National debt in billion U.S. dollars |
|---|
| 2023* | 606.35 |
| 2022* | 484.88 |
| 2021* | 393.67 |
| 2020* | 327.46 |
Iran is ranked last among 14 countries in the Middle East and North Africa region, and its overall score is well below the regional and world averages. The Iranian economy remains in the ranks of the repressed where it has been for all but four years since 1996 when it was first included in the Index.
In response to Iran's continued illicit nuclear activities, the United States and other countries have imposed unprecedented sanctions to censure Iran and prevent its further progress in prohibited nuclear activities, as well as to persuade Tehran to address the international community's concerns about its nuclear
Countries
| Proven reserves (millions of barrels) | U.S. EIA (start of 2020) |
|---|
| Country | Rank | Reserves |
|---|
| Venezuela (see: Oil reserves in Venezuela) | 1 | 302,809 |
| Saudi Arabia (see: Oil reserves in Saudi Arabia) | 2 | 267,026 |
| Canada (see: Oil reserves in Canada) | 3 | 167,896 |
The top five largest oil producers are the following countries:
- United States. The United States is the top oil-producing country in the world, with an average of 19.47 million barrels per day (b/d), which accounts for 19% of the world's production.
- Saudi Arabia.
- Russia.
- Canada.
- China.
For example, one of the most-cited estimates comes from BP's BP prediction made on World Energy Day in 2014; based on reserve estimates of 1.688 trillion barrels, BP claimed the earth has enough oil left for about 53 more years at current production levels.
When he first launched his vision, Prince Mohammed said Saudi Arabia would be able to survive without oil by 2020. Since then, he's transformed the kingdom on many fronts -- loosening social restrictions and opening up to tourists -- but he's made it only slightly less dependent on crude.
Oil Reserves in Saudi ArabiaSaudi Arabia has proven reserves equivalent to 221.2 times its annual consumption. This means that, without Net Exports, there would be about 221 years of oil left (at current consumption levels and excluding unproven reserves).
In other words, as Science magazine has reported, the "data imply that hydrocarbons are produced chemically" from carbon found in Earth's mantle. Nature magazine calls the product of this process an "unexpected bounty " of "natural gas and the building blocks of oil products."
In total energy consumption, the US was between 86% and 91% self-sufficient in 2016. In May 2011, the country became a net exporter of refined petroleum products. In November 2019, the United States became a net exporter of all oil products, including both refined petroleum products and crude oil.
Oil and natural gas do not come from fossilized dinosaurs! Thus, they are not fossil fuels. It was subsequently used more ubiquitously in the early 1900s to give people the idea that petroleum, coal and natural gas come from ancient living things, making them a natural substance.
Saudi Arabia, the largest OPEC exporter, was the source of 7% of U.S. total petroleum imports and 8% of U.S. crude oil imports. Saudi Arabia is also the largest source of U.S. petroleum imports from Persian Gulf countries.
U.S. Imports from Iran of Crude Oil and Petroleum Products (Thousand Barrels per Day)
China imports Iranian oil through direct means, ship transfers, and by mixing crude from Iran and other sources. With the collapse of Venezuela's oil refining industry, Iran sent a flotilla of five oil tankers carrying about sixty million gallons of gasoline in exchange for Venezuelan gold in May 2020.
Top oil fields in the U.S.
| Rank | Field | State |
|---|
| 1 | Permian | Texas/New Mexico |
| 2 | Eagle Ford Shale | Texas |
| 3 | Bakken | North Dakota/Montana |
| 4 | Prudhoe Bay Oil Field | Alaska |
Iran taps old Asian oil customers while eying return of exports
- Prior to the penalties China and India were Iran's biggest buyers in Asia, followed by South Korea and Japan.
- India is also hoping Biden will take a softer line against Iran so that the world's third-largest oil importer can diversify its crude sources.
U.S. Imports No Saudi Crude for First Time in 35 Years.
Crude Oil Sales In Barrels By Destination And In Percentages
| Country | Cost |
|---|
| 1 | Japan | $23B |
| 2 | China | $18.5B |
| 3 | United States | $16.3B |
| 4 | South Korea | $15.3B |
China maintained small monthly purchases of Iranian oil that averaged 2.4 million barrels over the whole of 2020, according to Chinese customs.
