Huge oil reserve discovered in southwestern Iran: president

Iranian President Hassan Rouhani said on Sunday that a massive reserve of crude oil was discovered in Iran’s southwestern province of Khuzestan.

The new field has 53 billion barrels of crude oil, Rouhani said.

The new discovery was made despite the U.S. sanctions against the country’s oil sector, he added.

The discovery will boost Iran’s proven crude reserves by a third.