Iran has drastically reduced its gasoline exports in mid-2021 apparently to build up its strategic reserves after it aggressively exported the product in 2020 to generate hard currency.
New figures published by the World Bank shows Iran's Gross Domestic Product (GDP) declined to $192 billion in 2020, compared with $445 billion in 2017.
Iran has substantially increased the volume of its clandestine oil exports in 2021, without making much profit, as midllemen who seel the oil and import goods take hefty profits.
Iran is bracing itself for a winter of power shortages and burning of highly polluting fuels for power generation. It faces a stark choice, electricity or clean air.
While Iran has exported more oil in 2021, it has received less revenues in hard currency. The secret lies in the role of middlemen, who make huge profits from illicit exports.
