page_title: Ministry of Petroleum (Iran)
section_title: Reserves and production
hierarchical_section_title: Ministry of Petroleum (Iran) / Reserves and production
caption_attribution_description: English: Iran's oil and gas production (LHS) &amp; WTI prices (RHS) (1970–2009 data, 2010–2030 projected)
context_page_description: The Ministry of Petroleum manages the oil industry, the producer of oil and petrochemical products. MoP is in charge of all issues pertaining to exploration, extraction, exploitation, distribution and exportation of crude oil and oil products. In addition, according to the "Imports and Exports Regulation Act", issuing import licenses for such products is also among the functions of the Ministry of Petroleum. According to BP, Iran's has 137.6 billion barrels of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves. Iran ranks third in the world in oil reserves and second in gas reserves. It is responsible for applying the principle of Iranian ownership and sovereignty over oil and gas reserves. Also, it is undertake the separation of sovereignty tasks from management and development of country's oil and gas industry.
  The Ministry of petroleum was established after revolution in Iran and in the interim government of Bazargan, after departure of Hasan Nazia, the managing director of National Iranian Oil Company from the country in 1979.
caption: Iran's oil & gas production (1970–2030)
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