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Iran discovered a new oilfield containing 53 billion barrels of crude, the country’s President Hassan Rouhani said on November 10. Rouhani added that the discovered field was located in the oil-rich Khuzestan province.
The discovery of the oilfield would boost Iran’s proven crude oil reserves by a third. At the moment, Iran has some 150 billion barrels of crude oil reserves and reportedly possesses 10% of the world’s oil reserves.
In January, the International Energy Agency (IEA) released a report claiming that oil production in Iran, constrained by US sanctions, dropped by 520,000 barrels per day (bpd) in December, down from 2.8 million bpd in October. The discovery of the new field will likely improve Iran’s positions in the energy market.
