Report: Iran discovers new offshore oil field

Iran has discovered a new offshore oil field in the Persian Gulf that contains more than 1 billion barrels of crude, according to the country's state television. Tuesday's report quoted the head of the government-owned Iranian Offshore Oil Company, Mahmoud Zirakchian, who said the amount of recoverable oil from the field, named Binaloud after an Iranian mountain range, will be announced later. Last week, Iran said it discovered seven other oil fields containing about 1 billion barrels of recoverable oil. Iran is the fourth-largest oil producer in the world and ranks second in output among OPEC countries. It controls about 5 percent of the global oil supply.