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Oil Minister: Iran Sitting on 140 Years of Oil

A top Iranian official says that Iran will continue to produce oil for 140 years. And that’s not even counting any new sources they may discover in the future. In fact, despite heavy U.S.-led sanctions and plummeting oil production, Iran has discovered 14 billion barrels of crude oil over the past year:

Iran’s offshore oil reserves in the Caspian Sea and Persian Gulf are estimated to earn the country USD2.75 trillion, a report says…. The Fars News Agency report based its projection on a 25-percent recovery factor from 106 billion barrels of in-place oil in the waters of the Persian Gulf and Caspian Sea. […]

If these numbers are accurate (and that’s a big “if” considering their source), then Iran’s energy future looks relatively secure. Tehran has defended its nuclear program by insisting that it needs it for energy rather than nuclear weapons. But with 140 years of oil on the horizon, why such a rush to go nuclear?

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