Iran announces discovery of massive oil field

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Iran announces discovery of massive oil fieldIran has discovered a massive new oil field, President Hassan Rouhani said Sunday, a find that would boost its proven reserves by about a third in a rare piece of “good news” for an economy battered by US sanctions. In a speech aired on state TV, Rouhani said the country’s economy had stabilised despite punishing US measures against its senior leaders, banking and finance sectors. The vast field in the southwestern province of Khuzestan holds an estimated 53 billion barrels of crude, he said.