New field with 50 billion barrels of crude oil discovered in southern Iran

Iran has discovered a new oil field in the country’s south with over 50 billion barrels of crude oil, its president said Sunday, AP reports.

Some 53 billion barrels would be added to Iran’s proven reserves of roughly 150 billion, he said.

President Hassan Rouhani said the field was located in Iran’s southern Khuzestan province, home to its crucial oil industry.

The announcement by Rouhani comes as Iran faces crushing American sanctions after the U.S. pulled out of its nuclear deal with world powers last year.

AP

Hassan Rouhani

Khuzestan

oil field

crude oil

oil reserves

nuclear deal