Iran Finds new Oil field worth 53 Billion Barrels

Iran announced that it has discovered a new oilfield with an estimated 53 billion barrels of crude oil, This was revealed by Iran’s president Hassan Rouhani  in a Television Speech.

Iran is the 4 th Largest Oil Producer

The Field which is located in the country’s southern Khuzestan province, which is the major oil producing region in Iran. The region also houses the Largest Oil field Ahvaz, with this new discovery the new oil field could be the second largest in Iran.

The field is 2,400 square kilometres (925 square miles), with the deposit some 80 metres (260 feet) deep, according to the semi-official Tasnim news agency.

The US has reinstated sanctions to choke Iran’s oil exports and isolate its economy after it Pulled out of the 2015 Iran nuclear Accord.If Proven the newly discovered oil field could make Iran the Third Largest Oil Producer.