Iran oil: New field with 53bn barrels found - Rouhani

Iran oil: New field with 53bn barrels found - Rouhani

Iran has discovered a new oil field containing 53 billion barrels of crude oil, President Hassan Rouhani said Sunday.

The find would add around 34 per cent to the OPEC member's current proven reserves, estimated by energy giant BP at 155.6 billion barrels of crude oil.

Since withdrawing from Iran's 2015 nuclear deal with world powers, the United States has reimposed sanctions to strangle its vital oil trade. He said the field was located in Iran's southern Khuzestan province, home to its crucial oil industry.

Since the US withdrew from the 2015 nuclear deal, the other countries involved - Germany, France, Britain, Russia and China - have been struggling to save it. However, they've offered no means by which Iran can sell its oil overseas.

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"Workers and the exploration arm of the National Iranian Oil Co. have found an oilfield with 53 billion barrels of reserves", Rouhani said in a televised speech in the central city of Yazd.

Iran is one of the world's largest oil producers, with exports worth billions of dollars each year.

For scale, Venezuela's oil reserves are the largest in the world at 297 billion barrels while Russia's reserves stand at 80 billion barrels.

The sanctions have led to a sharp downturn in Iran's economy, pushing the value of its currency to record lows, quadrupling its annual inflation rate, driving away foreign investors and triggering protests.

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