Iranian President Hassan Rouhani announced on Sunday the discovery of a major oil field with an estimated in-place reserve of 53 billion barrels in southwestern Khuzestan province, Shana reported.
They were imposed after the United States pulled out of a nuclear deal with world powers previous year. This is in a big oil field that stretches 2,400 sq km from Bostan to Omidiyeh.
Rouhani made the announcement in a speech in the desert city of Yazd.More news: Matthew Stafford out against Bears with broken back bones
Oil reserves refer to crude that's economically feasible to extract.
Domestic media reported the discovery on Sunday, and the oil ministry said it plans to hold a news conference on Monday to announce details of the find.
The new oil field could become Iran's second-largest field after one containing 65 billion barrels in Ahvaz.More news: Mercury’s rare Sun transit will happen on Monday: Here’s how to watch
Iran now ranks fourth in reserves worldwide - behind Venezuela, Saudi Arabia and Canada - with 155.6 billion barrels, according to 2018 data from BP Plc.
The announcement by Hassan Rouhani comes as Iran faces crushing American sanctions after the USA pulled out of its nuclear deal with world powers a year ago.
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.More news: Fans are reportedly injured at the Travis Scott Astroworld Festival
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.
- Woody Allen, Amazon settle suit
- Messi gives set-piece masterclass as Barca outclass Celta
- Miami Heat not discussing Dion Waiter’s health situation, status with team
- Exiled Cambodian opposition figurehead arrives in Malaysia
- Forex- U.S. Dollar Rises as Trade Deal Progresses
- Matthew Stafford Not Expected to Play Against Chicago
- Tens of thousands celebrate Japan emperors enthronement
- Kmart in Kenosha to close January of 2020
- Trump says he is weighing Putin invitation to Russia parade - 47abc
- Kentucky Gov. Matt Bevin demands recanvassing of ballots after results show loss