Iran suggests it has uncovered oilfield with fifty three billion barrels – ForexLive

Iran’s President can make the announcement

Iran has uncovered an oilfield that contains fifty three billion barrels in the southwest of the state, in accordance to President Hassan Rouhani.

“Despite America’s sanctions… Iranian workers have located an oil area with fifty three billion barrels of reserves,” Rouhani said in a televised speech on Sunday.

For scale, Venezuela’s oil reserves are the biggest in the earth at 297 billion barrels when Russia’s reserves stand at eighty billion barrels.

It would be a massive discovery but you will find no phrase on how recoverable or financial the barrels are nevermind that sanctions are earning exports particularly challenging. As for the market place, count on some curiosity but unquestionably not any market place response on Monday.


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