Commodities
Iran Discovers Huge Gas Reserves Amid War-Hit Energy Sector
The Middle East war has hit Iran's energy sector hard, but on Sunday, August 23, 2026, Petroleum Minister Mohsen Paknejad announced a major discovery in the country's south. More than 200 billion cubic meters of natural gas were found in Fars province, with over 160 billion cubic meters considered extractable.
Paknejad described the newly discovered gas as 'sweet', meaning it contains very little hydrogen sulphide, which reduces operating and development costs. However, Bloomberg reports that new production from the site will likely take years to materialize.