who is ready for the biggest oil crash ever

Iran discovers billion-barrel oil field
Article from: Agence France-Presse

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July 14, 2008 08:04am

IRAN said today it has discovered a new oil field in the hydrocarbon-rich province of Khuzestan with more than one billion barrels of crude in place.

Oil Minister Gholam Hossein Nozari said the oil field holds 1.1 billion barrels of sweet crude oil, of which 233 million is recoverable, the oil ministry's Shana news agency reported.

He told reporters after a cabinet meeting that the field is in the area of Andimeshk town in Khuzestan province of south-western Iran that borders Iraq. No further details were immediately available.

Iran is the number two producer in OPEC and the number four worldwide, although its ability to reach oil production targets has been hampered by a lack of international investment.

Production started in February from Iran's biggest onshore oil field, Azadegan, which is estimated to have 42 billion barrels of crude oil in place.