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Iran discovers oil in Abadan region: minister

The Iranian Oil Minister has announced the discovery of oil deposits in its southwestern province bordering Iraq for the first time. The estimated size of the deposit has not been shared, but it comes at a time of U.S. sanctions that have created difficulties for Iranian oil exports. The U.S. has permitted 8 allies to continue buying Iranian oil with penalties from the U.S. for a limited period of time, but other countries continue to ignore or bypass these sanctions. These sanctions have also prompted global interest in new financial measures that would reduce the influence the U.S. could wield through economic measures. The Iranian president has declared U.S. sanctions as ineffectual due Iran’s market share, and announced, “with regard to oil issues, luckily we are pursuing various paths and roads for seeing oil and we bypass American sanctions with pride.” 

Source: Iran discovers oil in Abadan region: minister | Reuters

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