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.
"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.
While this should ideally exert additional downside pressure on Oil prices, the energy benchmarks show less reaction to the news.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.