The discovery comes as Iran has been exploring new crude oil extraction opportunities, while facing severe restrictions on its ability to trade in the global energy market due to sanctions re-imposed by United States President Donald Trump in November 2018.
The National Iranian Oil Company (NIOC) found untapped light sweet crude oil near the city of Abadan, Bijan Zanganeh, the country’s petroleum minister, has announced.
The announcement comes after earlier this month the International Energy Agency (IEA) presented a report in which it stated that oil production in Iran, constrained by US sanctions, dropped by 520,000 barrels per day (bpd) in December, down from 2.8 million bpd in October.