Iran has discovered a massive new oil field, President Hassan Rouhani said Sunday, a find that would boost its proven reserves by about a third in a rare piece of "good news" for an economy battered by US sanctions. In a speech aired on state TV, Rouhani said the country's economy had stabilised
Tehran - Iran has discovered a massive new oil field, President Hassan Rouhani said Sunday, a find that would boost its proven reserves by about a third in a rare piece of"good news" for an economy battered by US sanctions.
The 80-metre deep reservoir stretches nearly 200 kilometres from Khuzestan's border with Iraq to the city of Omidiyeh. 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. Iran has struggled to sell its oil since US President Donald Trump withdrew from a landmark 2015 nuclear deal last year and reimposed unilateral sanctions.
It has hit back at the US with a series of countermeasures, stepping up its nuclear activities and threatening to go further unless the deal's promised economic benefits materialise. Since the US withdrawal, tensions have cranked up in the Gulf with a series of mysterious attacks on tankers and Saudi oil installations, with Tehran and Washington narrowly avoiding an armed confrontation after the downing of a US drone over Iranian territory.Iran has experienced a sharp economic downturn this year, fuelled in part by US sanctions, with a plummeting currency sending inflation skyrocketing and hiking the prices of imports."Our people weathered hard days in the past year ...
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