16 Countries with the Largest Proven Oil Reserves in the World

3. Iran

Total Proven Oil Reserves: 208.6 billion barrels

Iran’s oil industry is under threat due to a severe shortage of natural gas, as around 80% of its oil production comes from aging fields facing pressure drops, resulting in an annual production decline of 8-10%. If gas is not re-injected into these oil deposits, some fields might become unproductive, leading to substantial losses to the country’s economy. To make matters worse, the United States has recently expanded sanctions on Iran’s oil sector in response to Tehran’s assault on Israel.