Iran has discovered an oil field with an estimated 53 billion barrels of crude, Rouhani says

A vast oil field containing an estimated 53 billion barrels of crude oil has been discovered in Iran, President Hassan Rouhani announced, a find that could boost the country's battered economy amid stringent US sanctions

The oil field in southwest Iran stretches over an area of 2,400 sq km in the Khuzestan province and is around 80 meters deep, according to the Iranian leader. It would be the country's second largest oil field, behind one in Ahvaz containing an estimated 65 billion barrels. "We have discovered a new big oil field with 53 billion barrels of reserves," Rouhani said in a speech Sunday in the city of Yazd, according to the semi-official Mehr news agency.

The discoveries would be a lifeline for Iran's economy, which has suffered significantly under a series of US sanctions over the past year since the US withdrew from the Iran nuclear deal. Rouhani attacked the US during his speech and said Iran is succeeding despite the punitive sanctions.

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