Iran’s president: New oil field found with over 50B barrels

Iran’s president: New oil field found with over 50B barrels

Iran has discovered a new oil field containing 53 billion barrels of crude, President Hassan Rouhani said Sunday, a find that would increase Iran's proven reserves by over a third.

British oil giant BP says as of the end of 2018, Iran was ranked fourth in the world for largest oil reserves with an estimated 155.6 billion barrels.

Company or governments that buy Iran's oil face harsh USA sanctions.

They were imposed after the U.S. pulled out of a nuclear deal with world powers a year ago.

"I am telling the White House that in the days when you sanctioned the sale of Iranian oil, the country's workers and engineers were able to discover 53 billion barrels of oil", Rouhani said, according to the semi-official Fars news agency.

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Rouhani also noted that the major discovery has been made under American sanctions against Iran's oil industry, stressing that the USA has become disappointed with the policy of pressure on Iran.

Iran's oil revenues will increase by $32bn (£25bn) "if extraction rate from the oil field increases only 1%", he added.

In comments in April, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said the US' attempts to block the export of Iranian oil will get nowhere as Tehran will be exporting any amount of crude it needs and wants.

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.

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