Tehran: A new stock of crude oil has been found in the southern part of Iran. This has been announced by President Hassan Rouhani on Sunday, it is said that 53 billion barrels of crude oil are being estimated. This pledged Iran to increase its crude oil reserves by more than one-third which can increase the capacity of oil reserves.

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In his address on state TV, President Rouhani said that new oil reserves have been found in the Khuzestan province of Iran. It is spread over an area of 2,400 square kilometers. Its areas are spread over a distance of about 200 kilometers to 80 meters deep.

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President Rouhani said, "This is a small gift from the government to the people of Iran." The discovery will increase Iran's established crude oil reserves capacity by 34 percent. Now Iran's crude oil reserves are estimated to be 155.6 billion barrels. Iran's energy industry has been badly hit by US sanctions after it wasted to reach an agreement on its nuclear program with global powers.

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