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Iran's New Oil Discovery May Be In Azerbaijan's Waters

A map showing the approximate location of Iran's new oil discovery in the Caspian

Iran recently announced that it has discovered a substantial oil deposit -- about 10 billion barrels -- in the Caspian Sea. That would be about seven percent of Iran's total reserves, and the country's first discovery in the Caspian in over a century. That in itself is pretty remarkable; Iranian President Mahmoud Ahmadinejad said it will "change the energy and political balance of the region."

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Iran's New Oil Discovery May Be In Azerbaijan's Waters

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