A huge breakthrough in Iran could increase the country's proven reserves by one third

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Iran has discovered a new reservoir, with reserves of 53 billion barrels of oil, in the southwest of the country, President Hassan Rouhani announced on national television on Sunday, Press Association and Reuters reported.

"Despite US sanctions, employees of Iranian national oil company have found a reservoir with reserves of 53 billion barrels of crude oil." The deposit covers an area of ​​2,400 square meters and is located in the oil-rich Khuzestan province, the Iranian head of state said.

Iran is fourth in the world in terms of oil reserves, and second in natural gas reserves, according to data from the US Energy Information Administration (EIA).

The discovery could increase one-third of the country's proven reserves by one-third, estimated at 157 billion barrels of crude oil, and could become Iran's second largest deposit after Ahvaz, which contains 65 billion barrels of crude oil.

On the ICE Futures stock exchange, the North Sea oil barrel Brent is trading at about $ 62.51 on Friday, down from the peak of 2019 at $ 75.

Source: Agerpres



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