This study concentrates on the analysis of the oil and natural gas reserves of Iran, which hold a crucial role in the global energy market. A common method for the analysis and prediction of the production rates of nonrenewable reserves is used, namely, the Hubbert peak theory. The corresponding curves shed light on the energy policy and future guidelines of the region. Interestingly, Iran ranks fourth and second in the world’s oil and natural gas reserves, and the analysis covers more than 50 years, which makes it beneficial in different ways. Regional production rates, the maximum amount of production, and the approximate year in which this would happen, plus the time span until all reserves entirely run out, are extracted in this assessment. Besides, the effect of local consumption on production is examined in detail. Comparisons with other key countries are given. Oil producers, Iraq and Saudi Arabia, and natural gas producers, Russia and Qatar, are considered, and the reasons behind each selection are explained. In addition, global energy policies related to pollution reduction and the effects of the downstream industries are discussed. Moreover, the impact of the international sanctions on Iran production is reviewed. Furthermore, a prediction on outlook of the future of Iran oil and natural gas production is made. Finally, the energy outlook, including the main primary energy resources for these five countries, is briefly reviewed.