Iran discovers new oil field

Iran’s President Hassan Rohani announced the discovery of an oil field in the southwest of the country that could expand reserves by about 30 percent. Located in Khuzestan province, the camp was found by Iranian engineers, covering an area of 2,400 square kilometers and is 80 meters deep.

According to British oil company BP, by the end of 2018 Iran occupied the fourth place in the world in oil reserves, with an estimated total of 155.6 billion barrels. If the new reserve is confirmed, the country may raise position for after Venezuela and Saudi Arabia.

Iran is currently trying to reaffirm its importance in the market P&G and fight to sell its oil overseas amid sanctions imposed by the U.S. Before the sanctions, exports reached 2.5 million barrels, but today they are much smaller.

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