13-07-08 Iran says it has discovered a new oil-field which holds around 1.1 bn barrels of crude, in the energy-rich province of Khuzestan.
"A new oil field has been found in northern parts of Khuzestan's Andimeshk city," Oil Minister Gholam-Hossein Nozari told following a cabinet meeting in Tehran. Nozari added that more than 230 mm barrels of the field's oil deposits could be extracted.

The Iranian oil minister also commented on the rising oil prices and said that there was no shortage of supply in global oil markets. The weakening dollar and speculators are to blame for the increasing prices of crude, he said.
The discovery of new oil reserves in OPEC's second largest producer could help stabilize prices by easing investor concerns about steady supply in the coming years.