Iran's president says new oil field with 50B barrels found

Iran's president says a new oil field has been discovered with an estimated 50 billion barrels of crude oil in the country's south. The announcement by President Hassan Rouhani on Sunday would mean Iran's proven crude oil reserves would be boosted by a third. Right now, Iran says it has some 150 billion barrels of proven crude oil reserves.

He said the discovered field was located in Iran's oil-rich Khuzestan province. Rouhani made the announcement Sunday in a speech in the desert city of Yazd.

Iran's energy industry has been hard-hit by US sanctions over its collapsing nuclear deal with world powers. 

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