Iran said its oil reserves are approximately estimated at $1.8 trillion. The price was formed taking into account the current world price.

“This figure has been calculated based on the current oil and gas prices, but it equals Iran's revenues from oil sales in more than a century,” Tehran Times quotes Deputy Petroleum Minister Ahmad Qalebani.

According to the Organization of Petroleum Exporting Countries, Iran produced nearly 2.68 million barrels of oil last month.

U.S. House of Representatives has approved a bill imposing new sanctions on oils imports from Iran.