During the next several years new urea production facilities will be put into operation in Azerbaijan, Brunei, India, Iran, Nigeria, Russia, and Uzbekistan, which will significantly increase production, APA-Economics reports citing the forecast of the World Bank.
It is noted that in the first quarter of 2021 alone, the price of urea jumped nearly 30% and reflected strong demand due to improved profitability, supply shortfalls from earlier pandemic closures, and higher input costs.