Iran says oil field found with 53 bln barrels of crude

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Iranian President Hassan Rouhani said on Sunday a new oilfield containing 53 billion barrels of crude had been discovered in the country.

Iran had an estimated 157 billion barrels of proved crude oil reserves in January 2018, the EIA website said.

It has the world's fourth-biggest oil reserves and second-largest gas reserves, and shares a massive offshore field in the Persian Gulf with Qatar.

It would be a massive discovery but there's no word on how recoverable or economic the barrels are; nevermind that sanctions are making exports extremely hard.

In his speech, Rouhani mentioned that the field was found in the Khuzestan Province, an area rich with oil, and this newly discovered field would become the second largest in the Ahvaz region (the capital of the Khuzestan Province).

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Iran on Sunday claimed to have found a new oil field that would boost its supply by a third - delivering the news with a shot at U.S. sanctions.

"(Creating) disagreement and discord (in Iran) is what the USA is looking for", he warned, calling for action against the voices that echo Washington's demands.

They were imposed after the United States pulled out of a nuclear deal with world powers previous year.

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

"Although the sanctions pave the way for problems in certain cases, they will benefit the country if they are dealt with correctly and logically", Ayatollah Khamenei said.

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