“Iran holds the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves. Despite the country’s abundant reserves, Iran’s crude oil production has substantially declined, and natural gas production growth has been slower than expected over the past few years. International sanctions have profoundly affected Iran’s energy sector and have prompted a number of cancellations or delays of upstream oil and gas projects. Iran holds some of the world’s largest deposits of proved oil and natural gas reserves, ranking as the world’s fourth-largest and second-largest reserve holder of oil and natural gas, respectively. Iran also ranks among the world’s top 10 oil producers and top 5 natural gas producers. Iran produced almost 3.4 million barrels per day (b/d) of petroleum and other liquids in 2014 and an estimated 5.7 trillion cubic feet (Tcf) of dry natural gas in 2013. The Strait of Hormuz, off the southeastern coast of Iran, is an important route for oil exports from Iran and other Persian Gulf countries. At its narrowest point, the Strait of Hormuz is 21 miles wide, yet an estimated 17 million b/d of crude oil and refined products flowed through it in 2013 (roughly 30% of all seaborne traded oil and almost 20% of total oil produced globally). Liquefied natural gas (LNG) volumes also flow through the Strait of Hormuz. Approximately 3.7 Tcf of LNG was transported from Qatar via the Strait of Hormuz in 2013, accounting for more than 30% of global LNG trade.