Iran's president, Hassan Rouhani, announced that the country’s national oil company discovered 53 billion barrels of oil—but maybe the Iranian leadership wasn’t being so honest
YAZD, IRAN - NOVEMBER 10, 2019: Iranian President Hassan Rouhani speaks during his visit to YazdA discovery this size seems like it would be a major boon to Iran’s economic prospects and to global oil reserves. That is certainly how President Rouhani portrayed it in his speech. He used the discovery to showcase Iran’s defiance in the face of economically crippling U.S. sanctions that have cut Iran’s oil exports to negligible levels.
As it turns out, Rouhani’s announcement was mostly smoke and mirrors designed to rally Iranians around the government during times of economic difficulty. A few days after the announcement, Iran’s oil minister, Bijan Zangeneh, elaborated on the nature of the discovery. He explained that the field would actually only
Iran’s oil reserves by 22 billion barrels of oil–still a significant increase but nowhere near as impressive as a 53-billion-barrel discovery.... [+]rate of only 10%, Zangeneh explained that production will yield only about 2.2 billion barrels of oil. This is because the oil is very heavy, with a specific gravity of over 20 API. This makes the oil difficult and expensive to produce, much like Venezuela’s oil reserves.
It was a good publicity by Rouhani, and the international media paid attention. However, this discovery will not change the fortunes of Iran.
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