Newsbrief: Newly-discovered Iranian oil field could be country’s second largest

by Cody Roy

Iran has found a new oil field which could increase their available oil by a third, according to the BBC.

Discovered in the province of Khuzestan, the field measures 2,400 square kilometers and is believed to contain fifty-three billion barrels of crude oil.

“Iran’s oil revenues will increase by $32 billion, ‘if the extraction rate from the oil field increased by only one-percent,” said President Hassan Rouhani, according to the BBC. Iran had been struggling because of US-imposed sanctions on its oil.

(Photo: The BBC)

“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 added, according to the BBC.

This field would be Iran’s second largest, behind one measuring sixty-five billion barrels. This increases its total reserves to 150 billion barrels, Rouhani added, according to the BBC. Iran’s oil reserves are the 4th largest in the world.