# Iran Energy Profile — Complete Reference

**URL:** https://thecodex.expert/energy/countries/iran/
**Session:** 33 | **Date:** 2026-07-09

## Summary

Iran holds the world's third-largest proven oil reserves (~157.5-209 billion barrels depending on source, ~12% global, ~24% of Middle East). NIOC reported ~3.5M bbl/day production in 2024. Ahvaz field holds ~23% of national reserves. Iran co-owns South Pars/North Dome with Qatar — the world's largest gas field (~1,800 Tcf), Iran's share holding ~50% of its domestic gas reserves, developed in 24 phases, but sanctions have limited it to domestic use (~94% consumed domestically) rather than large-scale LNG export. Abadan Refinery was world's largest 1913-1950s; its 1951 nationalisation triggered the 1953 coup. Iran's oil sector has been under US sanctions since 2018 (post-JCPOA withdrawal); China is now the dominant buyer. As of mid-2026, Iran's energy sector sits within an active, extremely fluid conflict: a 2026 Iran-Israel/US war reportedly resulted in the death of Supreme Leader Ayatollah Khamenei; a fragile ceasefire and sanctions-waiver arrangement was strained by July 2026 tanker attacks in the Strait of Hormuz (through which ~20% of world oil transits), prompting the US to revoke its oil-sale waiver and conduct further strikes. Situation changes daily. Sources: US EIA, Energy Institute Statistical Review 2024, NIOC, Reuters, AP, PBS, Washington Times — current to early-mid July 2026.