Iran owns about 10% of world oil resources and 13% of oil possessed by OPEC member-states. About 70% of Iranian oil resources are located on shore and the remaining ones on the continental shelf and in the Persian Gulf.
By January 2014 proved Iranian oil resources were estimated at approximately 157 billion barrels and about 85% of onshore oil fields are located in Luristan and Huzestan provinces on the southwest of Iran. According to the US Energy Information Department the proved and probable oil resources in the Caspian Sea fields total about 500 million barrels, but their development and exploration has been suspended, because of territorial disputes with Azerbaijan and Turkmenistan.
Iran has several onshore and offshore oil fields, which are in joint possession with such countries, as Iraq, Kuwait and Saudi Arabia. It also has oil in the Caspian Sea, but its exploration has been suspended at the moment, reported www.Iran.ru.
