The announcement by Hassan Rouhani comes as Iran faces crushing American sanctions after the U.S. pulled out of its nuclear deal with world powers last year. Some 53 billion barrels would be added to Iran’s proven reserves of roughly 150 billion, he said. Oil reserves refer to crude that’s economically feasible to extract. The new oil field could become Iran’s second-largest field after one containing 65 billion barrels in Ahvaz. Any company or government that buys Iran’s oil faces harsh U.S. sanctions, the threat of which also stopped billions of dollars in business deals and sharply depreciated Iran’s currency, the rial.

Source: Los Angeles Times November 10, 2019 21:11 UTC