The Ministry of Petroleum (MoP) ( Vezârat-e Naft) manages the oil industry, the producer of oil and petrochemical products. MoP is in charge of all issues pertaining to exploration, extraction, exploitation, distribution and exportation of crude oil and oil products. In addition, according to the "Imports and Exports Regulation Act], issuing import licenses for such products is also among the functions of the Ministry of Petroleum. According to BP, Iran's has of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves. Iran ranks third in the world in oil reserves and second in gas reserves.