Iran President Hassan Rouh on Sunday said that a new big oil field has been discovered in Khuzestan province.
During his speech to the people of Yazd, Rouh said: "We have discovered a new big oil field with 53 billion barrels of reserves," reported Islamic Republic News Agency (IRNA).
He further said that the oil field has extended from Bostan and continues to Omidieh with the capacity of 53 billion barrels.
"The US should know that Iran is a rich country and despite mosity and cruel sanctions, Iran workers and engineers discovered a new oil field," the President said.
Iran currently has the world's fourth-largest proven deposits of crude oil and the world's second-largest deposits of natural gas.
According to Al Jazeera, the new oil field could become Iran's second-largest field after one containing 65 billion barrels in Ahvaz, a city in the southwest of Iran.
Tensions between Washington and Tehran rose significantly last year after US President Donald Trump unilaterally withdrew the US from the 2015 Iran nuclear accord between Iran and world powers.
The deal imposed curbs on Iran's nuclear programme in exchange for relief from international sanctions.
In a bid to put "pressure" on Iran and to negotiate a new deal, Washington reinstated sanctions to choke Tehran's oil exports and isolate its economy.
( With inputs from ANI )