Iran Claims to Discover 53 Billion Barrels in New Oil Reserves

Financial Post | Nov 10, 2019 at 1:06 PM
  • 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.
  • Iran currently ranks fourth in reserves worldwide — behind Venezuela, Saudi Arabia and Canada — with 155.6 billion barrels.