Iran is the biggest loser in oil competition

the Iranian regime’s president Ebrahim Raisi claimed in a meeting that his regime could be a ‘stable’ and ‘viable’ partner for the members of the BRICS group to access the ‘energy bottlenecks’ and ‘major world markets’.

Iran is exporting just 961,000 barrels per day. This number shows that the regime is not a stable and viable partner for business as it claims. It should be further noted that the regime is forced to smuggle and sell this oil at a very low price due to the US sanctions.

Iran’s oil and gas industry is now in a critical situation because of the regime’s corruption and mismanagement, as well as the economic sanctions.

According to the statistics, Iran ranks fourth in proven oil reserves, which is roughly 10 percent of the world’s total proven petroleum reserves and would last 145 years if no new oil was found. The estimated amount of the country’s oil as of 2021 is about 155 billion barrels. Iran currently has the second-largest gas reserves in the world after Russia.