The increase in Iran's oil exports by 1 million barrels a day may lower the price of oil by 13%, the chief economist of the World Bank for the Middle East and North Africa (MENA) Shantayanan Devarajan said.
"We simulated such a situation with the help of a global model of general economic equilibrium in order to isolate the consequences of Iran's return to the markets. We came to the conclusion that an increase in Iranian oil exports by 1 million barrels per day would lead to a decrease in the price of oil of 13%, or about $3 per barrel. The assessment is based on the assumption that other oil producers would not reduce oil production and exports," Tass cites Devarajan as saying.
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