A look at Iran’s role in world oil markets

AP: The tensions over Iran’s nuclear program have pitted the West against the world’s third-biggest oil exporter.
By The Associated Press

NEW YORK (AP) — The tensions over Iran’s nuclear program have pitted the West against the world’s third-biggest oil exporter.

Here are details about Iranian oil.

— OIL PRODUCTION: Nearly 4 million barrels per day, or 4 percent of the world’s production.

— BIGGEST BUYERS: China, Japan, India, Italy, South Korea.

— IMPACT: Since tensions with Iran began escalating in November, benchmark oil prices have risen 11 percent.