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World Bank shares report on economic dev't in Iran

Business Materials 15 June 2021 16:04 (UTC +04:00)
World Bank shares report on economic dev't in Iran

TEHRAN, Iran, June. 15

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The Iran Economic Monitor of World Bank provides an update on key economic developments and policies. It published a report on economic developments on June 15.

The World Bank report shows that the stronger performance in the industrial sector (including oil) in the first nine months of 2020/211drove the gross domestic product (GDP) growth of 2.2 percent year-on-year despite a contraction of services value-added due to COVID-19 impact, Trend reports citing Official Website of the World Bank.

According to the World Bank, Iran`s oil production has reportedly recovered to 2.4 million barrels per day in April 2021 from a low of 2 mbpd in the fourth quarter of 2019.

Referring to OPEC data, the World Bank said that Iran’s oil production in 2020 recorded a substantially low level of 1.98 mbpd even compared to that of 2019 (2.36 mbpd).

“Assuming similar levels of domestic consumption, this indicates that Iran’s oil export volumes were likely well below their 2019 levels (0.651 mbpd),” the report said. “More recently, there are indications that oil production and exports started to pick up.”

“The latest OPEC report puts Iran oil production at 2.32 mbpd in March 2021,” World Bank reported adding that in March 2021, China purchased about 1 mbpd at a discounted price from Iran.

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