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Making Sense of Iranian Society, Culture, and Business by Hamid Yeganeh

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Chapter 9

Energy Market

A Colossal Energy Producer

As one of the founding members of the Organization of Petroleum Exporting Countries (OPEC), Iran has been a key player in the international energy market for the past 70 years. As shown in Figure 9.1, the country sits on some of the largest proven oil and gas reserves in the world and ranks among the world’s top five oil and natural gas producers. Furthermore, Iran controls the Strait of Hormuz on its southeastern coast that is seen as an important route for the world energy market. An estimated 17 million barrels per day of crude oil and oil products, almost 20 percent of the global output, is transported via the Strait of Hormuz.1 In addition to oil and gas, Iran enjoys a well-developed ...

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