Introduction

(Revised) Iran is a major supplier of petroleum products to global markets. Currently, the country is estimated to contain over 150 billion barrels of proven oil reserves, which is 9.3% of the world’s total, and over 12% of OPEC’s collective stockpile. Iran ranks among the word’s top three holders of both proven oil and natural gas reserves. The strategic location of Iran provides secure transit route for export of oil and gas resources from the Caspian Sea and Persian Gulf to Europe that is currently dependent on Russia for its energy supplies. Iran’s oil and gas sector has suffered ...