Iran was the third-largest crude oil producer in the Organization of the Petroleum Exporting Countries in the first half of 2014, according to the U.S. Energy Information Administration.
Iran dropped from being the second-largest producer in OPEC to the fourth in 2013, after Saudi Arabia, Iraq, and narrowly behind the United Arab Emirates. But, Iran’s production increased in 2014, raising its rank to the third-largest producer during the first half of 2014, the report added.
Iran's exports of crude oil and gas condensate dropped from 2.5 million barrels per day in 2011 to 1.1 mbpd in 2013 because the United States and the European Union tightened sanctions that targeted Iran's oil exports.
The largest buyers of Iranian crude and condensate are China, India, Japan, South Korea, and Turkey, the EIA stated.
Iran holds nearly 10 percent of the world's crude oil reserves and 13 percent of OPEC reserves. About 70 percent of Iran's crude oil reserves are located onshore, with the remainder mostly located offshore in the Persian Gulf. Iran also holds proven reserves in the Caspian Sea, although exploration has been at a standstill, the report added.