Iran Claims to Discover 53 Billion Barrels in New Oil Reserves
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Iran discovered an oil field containing the equivalent of 53 billion barrels, potentially boosting its reserves as the OPEC member struggles to overcome the effects of sanctions on its energy industry.
It wasn’t immediately clear how much of the oil discovered in southern Khuzestan province is new, or how much of it can be developed commercially. Domestic media reported the discovery on Sunday, and the oil ministry said it plans to hold a news conference on Monday to announce details of the find.