Iran’s massive oil industryIran produces about 3.2 million barrels of oil per day, on average, according to OPEC, accounting for roughly 4% of global crude production. Like Venezuela, China is by far Iran’s biggest customer: It bought 97% of Iran’s oil in 2024, according to the US Energy Information Administration. The similarities don’t end there: Iran also nationalized the country’s energy infrastructure after expropriating foreign oil companies’ assets in past decades. The price of oil has already risen sharply because of the threat of disruption to Iran’s oil. Iran also has a leg up on Venezuela, whose authoritarian regime allowed the country’s oil infrastructure to crumble over the past couple decades.

Source: CNN January 15, 2026 14:32 UTC