Iran and Iraq It is estimated that the Middle East has more than 100 billion barrels of Petrol resources. Together, they constitute 23% of the world’s Petrol reserves and concentrate all Petrol deposits in the Middle East in the Arab Basin region. Iran, according to 2017 statistics China ranked sixth in terms of total Petrol production: it produced 4.76% of total Petrol production in the world, surpassing Iraq to become the seventh largest producer 4.55% of total world Petrol production.
