Iran says new oil field with 53 billion barrels discovered

Iran president: State firm found new oilfield with 53 billion barrels of crude

Iran says new oil field with 53 billion barrels discovered

Iran is a founding member of the Organization of the Petroleum Exporting Countries (OPEC) and possesses what were already the world's fourth-largest oil reserves and second-largest gas reserves.

This has been denied by Iran, who said its programme is nothing short of peaceful.

The revelation from International Atomic Energy Agency is the first time it has acknowledged in a report that allegations made by the US and Israel against Iran are true.

But sanctions against Iranian oil could make it hard for the oil to find its way to global markets.

Iran has dismissed findings by the International Atomic Energy Agency pointing to the presence of uranium traces at an unnamed Iranian facility that Israel believes to have contained radioactive materials before being removed. The assertion appeared to confirm allegations made by the USA and Israel of a secret nuclear warehouse.

In this photo released by the Atomic Energy Organization of Iran on November 6, 2019, a forklift carries a cylinder containing uranium hexafluoride gas for the objective of injecting the gas into centrifuges in Iran's Fordo nuclear facility.

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The nuclear deal had called for Fordo to become a research center.

It allowed Iran to refine uranium only with first-generation IR-1 centrifuges in large enough quantities to satisfy energy industry demands but insufficient to create weapons of mass destruction.

In a joint statement, the three countries, known as the E3, also warned Iran that its latest actions made their efforts to defuse tensions in the region more hard.

Appropriate now, Iran suggests it has some 150 billion barrels of confirmed crude oil reserves. In the time since, Iran has begun breaking limits imposed by the deal to pressure Europe.

At talks in Brussels on Monday, EU foreign ministers affirmed their support for the pact.

Germany said on Monday it along with Britain and France should be ready to consider starting moves to reinstate full United Nations sanctions on Iran over its breaches.

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Il a mis en production des centrifugeuses avancées, alors que l'accord ne l'autorise à produire de l'uranium enrichi qu'avec un nombre limité d'IR-1.

Tehran last week resumed enrichment at the underground Fordow plant south of Tehran in the latest in a series of moves away from the agreement, taken since Washington's withdrawal in May previous year and reimposition of sanctions.

Maas said he would meet with his French and British counterparts in Paris later today to discuss further steps to respond to Iran's non-compliance with the deal.

But it remained to be seen how much the country could benefit from the new field.

European Union foreign policy chief Federica Mogherini said the ministers underlined their "full commitment to the agreement that remains crucial for our security, even if it's increasingly hard to preserve it". That's compared to what Tehran had been producing - about 450 grams of low-enriched uranium per day.

Any of the signatories can trigger a dispute resolution process that could culminate at the UN Security Council with a so-called "snapback" of global UN sanctions on Iran.

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