A new stock of crude oil has been found in the southern part of Iran. President Hassan Rouhani announced on Sunday that there was likely to be 53 billion barrels of crude oil. This is expected to increase Iran’s crude oil reserves by more than one-third. Rouhani said that new oil reserves have been found in Khuzestan province of Iran. It is spread over an area of 2,400 square kilometers. The area is spread over 80 meters in a distance of about 200 kilometers. He said, this is a small gift from the government to the people of Iran. The discovery will increase Iran’s established crude oil reserves capacity by 34 percent. Now Iran’s installed crude oil reserves are estimated to be 155.6 billion barrels. Iran’s energy industry has been badly affected by US sanctions after failing to reach an agreement with the global powers over its nuclear program.