Iran's recoverable oil reserves rise to 157 billion barrels

oil6The Iranian Ministry of Oil has announced that Iran's recoverable oil reserves have reached approximately 157bn barrels so far in the current Iranian calendar year

Iranian oil minister Rostam Qasemi said, "Some 14bn barrels of crude oil reserves have been discovered since the beginning of the current year, of which three billion barrels is recoverable."

Iran has also reportedly announced that it will implement plans to boost oil production by 175,000 bopd by 22 August 2013.

Qasemi recently claimed that the country's oil output was projected to increase by 1.5mn bopd by 2016.

Iran is reported to have the world's fourth-largest reserves of recoverable oil after Venezuela, Saudi Arabia, and Canada. With 34 trillion cu m of natural gas reserves, Iran has the world's second-largest natural gas reserves after Russia.

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