It is expected that more accurate data on proven reserves will be later reported by Iran’s Oil Minister Rostam Qasemi after pre-drilling of development wells.

The National Iranian Oil Company has discovered oil reserves in its territorial waters in the Caspian Sea, which, according to preliminary estimates, amount to 8-10 billion barrels, according to the presstv.ir website. The oil deposits were discovered during the development of a major gas field that contains 50 trillion cubic meters of natural gas, the production of which has been conducted by the state-owned company since last December, CA-NEWS reports. At the same time, the country may face difficulties in exporting the raw materials, as the foreign ministries of 27 EU countries approved the introduction of an embargo on Iranian oil in late January. It is assumed that by July 1st, all EU members purchasing oil from Tehran will have to stop oil imports from this country. Iran produces 3.5 million barrels of oil per day, 2.5 million barrels of which are exported. The country is the second largest oil producer in OPEC after Saudi Arabia.

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