Iran Reports Big Oil Find as Sanctions Bite

摘要

Iran has announced the discovery of a big new oil field with estimated oil in place of around 22 billion barrels, although the recoverable portion of that total may amount to only 2.2 billion bbl. The discovery comes at a time when US sanctions have driven Iran’s crude exports down to around 6% of what they were previously and forced foreign companies to shun investment in the country’s prolific upstream sector (IOD Nov.8’19).