Iran oil: New field with 53bn barrels found - Rouhani

Rouhani: Iran finds new oilfield with 53 billion barrels

Oil reserves refer to crude that is economically feasible to extract.

Iran has discovered an oilfield containing 53 billion barrels in the southwest of the country, according to President Hassan Rouhani.

The oil field has a depth of 80 meters and extends over 2400 square kilometers between Bostan District in Dasht-e Azadegan County and Omidiyeh County in the oil-rich province.

Rouhani said the field was located in Iran's southern Khuzestan province, home to its crucial oil industry, with the 53 billion barrels added to Iran's reserves of roughly 150 billion.

If the size of the new oil reserve is proven to be accurate, it would raise Iran to third place just below Venezuela and Saudi Arabia.

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Company or governments that buy Iran's oil face harsh USA sanctions.

The country is apparently making an appeal to the global community to reaffirm its importance as a crude oil supplier in a bid to stir resentment against the US.

They were imposed after the United States pulled out of a nuclear deal with world powers previous year.

In comments in April, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said the US' attempts to block the export of Iranian oil will get nowhere as Tehran will be exporting any amount of crude it needs and wants.

US President Donald Trump reinstated the sanctions against Iran past year after abandoning the landmark 2015 nuclear deal between Iran and six world powers.

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