Iran discovers new oil field good for 53 billion barrels


The field was discovered in the oil-rich province of Khuzestand. According to the Iranian president, the discovery means that the country's oil reserves will be expanded by a third. At the moment Iran is said to have around 150 billion barrels of reserves.

Good moment

The find comes at a good time for Iran. The need has been high since the United States terminated the atomic agreement in 2018 and introduced additional economic sanctions against the country, including on Iranian oil exports.

In 2015, after ten years of negotiations, Iran concluded an atomic agreement with the United States, the United Kingdom, Russia, China, Germany and France. It said that Iran would stop enriching uranium until 2025 in exchange for easing economic sanctions. This is because enriched uranium can be used for nuclear weapons.

The American president Barack Obama closed the deal, his successor Donald Trump disagreed and so he canceled the deal in 2018. The sanctions of the United States make it difficult for European countries to do business with Iran.


The oil field found in Iran is large. There are more than 40,000 oil fields worldwide, the largest being 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 93 million barrels per day.

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