Iran’s recoverable crude oil reserves have increased by 3bn barrels to around 157bn barrels in the current Iranian year (20 March 2012 – 20 March 2013), Iranian Minister of Petroleum Rostam Qasemi said this week on the sidelines of an energy industry conference in Tehran.

“All of the studies that were being conducted on the new oil fields we announced earlier this [Iranian] year have now been completed, and we can now fortunately announce that the country’s exploitable hydrocarbon reserves have now increased to 157bn barrels,” the minister was quoted as saying by Iran’s Fars news agency. (CONTINUED - 302 WORDS)