Iran’s president says new oil field with 50B barrels found

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In this photo released by the official website of the office of the Iranian Presidency, President Hassan Rouhani speaks in a public gathering at the city of Yazd, some 410 miles (680 kilometers) southeast of the capital Tehran, Iran, Sunday, Nov. 10, 2019. Iran has discovered a new oil field in the country’s south with over 50 billion barrels of crude oil, Rouhani said Sunday, a find that could boost the country’s proven reserves by a third as it struggles to sell energy abroad over U.S. sanctions. (Office of the Iranian Presidency via AP)

TEHRAN, Iran (AP) – Iran’s president says a new oil field has been discovered with an estimated 50 billion barrels of crude oil in the country’s south.

The announcement by President Hassan Rouhani on Sunday would mean Iran’s proven crude oil reserves would be boosted by a third. Right now, Iran says it has some 150 billion barrels of proven crude oil reserves.

He said the discovered field was located in Iran’s oil-rich Khuzestan province.

Rouhani made the announcement Sunday in a speech in the desert city of Yazd.

Iran’s energy industry has been hard-hit by U.S. sanctions over its collapsing nuclear deal with world powers.

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