Page 6 - IRANRptJul22

destinations.
The National Iranian Oil Co. (NIOC) last month confirmed the signing of an investment deal with a foreign company for the development of the oil layer of the supergiant South Pars gas field. The Islamic Republic has expanded gas output significantly at South Pars in recent years and supplies are estimated to flow at an average of 850-950mn cubic metres per day, topping out at 1bn cubic metres.
Looking ahead, the World Bank in the June edition of its Global Economic Prospects report has upgraded its 2022 GDP growth forecast for Iran to 3.7% from the 2.4% it anticipated six months ago, citing higher oil prices. Nonetheless, the institution observed the threat that drought poses to Iran as well as a growing number of cost-of-living protests which saw its official inflation rate remain elevated.
6 IRAN Country Report July 2022 www.intellinews.com