Products made from oil form vast majority of Iran’s exports

Business Materials 16 May 2016 17:36

Baku, Azerbaijan, May 16

By Khalid Kazimov - Trend:

Iran's Institute for Management and Planning Studies (IMPS) published a report suggesting that the products made from oil account for 60 percent of the country's exports.

The report also forecasts that the prices of the products made from oil will not increase in the next several seasons, Fars news agency reported May 16.

The report added that the value of the goods and commodities will not see a considerable growth over the next season.

Meanwhile, the increased volume of the goods exports has compensated the sharp plunge in the prices for Iran.

According to the International Energy Agency's latest report, published May 12, Iran's oil output and export stood at 3.56 million barrels per day (mb/d) and 2 mb/d in April, respectively.

The average price of Iran's Light oil in the current year was $32.82, while the average Heavy oil price was $30.32.

Iran last saw record low oil prices in 1998 when its oil was traded in markets at below $10 per barrel.