Iran’s Rouhani: Has discovered an oil field with an estimated 53 billion barrels of crude – CNN

Iranian President Hassan Rouhani recently crossed wires, via CNN, while confirming that a vast oil field containing an estimated 53 billion barrels of crude oil has been discovered in Iran. The news also mentions that the newly found reserves would be the country's second-largest oil field, behind one in Ahvaz containing an estimated 65 billion barrels.

Key quotes

"We have discovered a new big oil field with 53 billion barrels of reserves," Rouhani said in a speech Sunday in the city of Yazd.

If the size of the new oil reserves is proven to be accurate, it would lift the country to third place, just below its regional foe Saudi Arabia.

"We announce to America today that we are a rich nation, and despite your enmity and cruel sanctions, Iranian oil industry workers and engineers discovered this great oil field," he said.

It still remains to be seen whether Iran will benefit from the oil, as it has struggled to sell its fossil fuels in the wake of the US's unilateral sanctions.

FX implications

While this should ideally exert additional downside pressure on Oil prices, the energy benchmarks show less reaction to the news.