GLOBAL OIL

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Iran is currently enveloped in a complicated mix of oil, power and politics.

Iran borders war-torn Iraq to the west and Afghanistan to the east. It overlooks the Persian Gulf through which one-third of the world's oil tankers pass. And the nation is currently engaged in a nuclear standoff with the west.

Iran also has the 3rd largest proven oil reserves in the world. It is the 4th largest producer.

Iran has over 17 major oil fields, including the Azadegan Field (with 26 billion barrels) and the newly-tapped Yadavaran Field (at least 17 billion).

Recent oil price surges have greatly improved Iran's financial status and diplomatic muscle.