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UPDATE !!!: Iran finds new oil field with 53bn barrels of crude

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With informations reaching us, it is noted that the field covers 2,400 square kilometres (926 square miles) and is located in Iran’s southwestern province of Khuzestan, Rouhani said in a speech aired on state TV.

“This is a small gift by the government to the people of Iran,” he said.

It is noted that the 80-metre deep field stretches nearly 200 kilometres from Khuzestan’s border with Iraq to the city of Omidiyeh, Rouhani added.

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The find would add around 34 percent to the OPEC member’s current proven reserves, estimated by energy giant BP at 155.6 billion barrels of crude oil.

Iran is a founding member of the Organization of the Petroleum Exporting Countries and sits on what were already the world’s fourth-biggest oil reserves and second-largest gas reserves.

But with all this, it has struggled to sell its oil since US President Donald Trump withdrew from a landmark 2015 nuclear deal and reimposed unilateral sanctions on Iran.

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The remaining parties to the accord — Britain, China, France, Germany and Russia — have worked to save it by avoiding US sanctions, but their efforts have so far borne little fruit.

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