Iran discovers oil field with over 50 billion barrels

TEHRAN, Iran — Iran has discovered a new oil field in the country’s south with over 50 billion barrels of crude, its president said on Sunday, a find that could boost the country’s proven reserves by a third as it struggles to sell energy abroad over US sanctions.

The announcement by Hassan Rouhani comes as Iran faces crushing American sanctions after the US pulled out of its nuclear deal with world powers last year. Mr Rouhani made the announcement in a speech in the desert city of Yazd.

He said the field was located in Iran’s southern Khuzestan province, home to its crucial oil industry. Some 53 billion barrels would be added to Iran’s proven reserves of roughly 150 billion, he said.

“I am telling the White House that in the days when you sanctioned the sale of Iranian oil and pressured our nation, the country’s dear workers and engineers were able to discover 53 billion barrels of oil in a big field,” Mr Rouhani said. Oil reserves refer to crude that’s economically feasible to extract.