Iranian President Hassan Rohani today reported on the Iranian state television that researchers in his country have discovered an oil field that “would be good for 53 billion barrels of oil.”
Rohani gave his speech today from the desert city of Yazd. According to the president, the field is in the oil-rich Iranian province of Khuzestan. According to the Iranian ministry, the finding means that Iran’s oil reserves will be expanded by a third. Iran currently says it has 150 billion barrels of reserves.
There are more than 40,000 oil fields worldwide, the largest of which are the Ghawar field in Saudi Arabia and the Burgan field in Kuwait. They each contain more than 60 billion barrels. Most other fields are much smaller. The International Energy Agency (IEA) assumes a demand for oil of 1.2 million barrels per day.
Iran is a major producer of oil. The country saw its oil revenues rise after it concluded a nuclear agreement in 2015 with six powers. This put an end to three years of sanctions. US President Donald Trump withdrew from that agreement in 2018 and imposed even stricter sanctions.
In April, Washington tightened the thumbscrews even further by also putting an end to certain exemptions for the oil trade. According to the IMF, Iran is experiencing “very serious” macroeconomic problems.