Significant Increase in Iran's Oil Revenue in the Early Months of 2017

Iran's oil revenue in the current year, 2017, shows a significant increase due to rising prices and export volumes. In the first four months alone, Iran has generated $18 billion in oil revenue. The U.S. Energy Information Administration's latest report, published on its official website, estimates that Iran's oil exports in the first four months of this year amounted to $18 billion. This is in contrast to Iran's total oil revenue of $29 billion for the entire previous year. OPEC statistics also indicate that the price of Iran's heavy oil in the first four months of last year was $30.45, but from January to April of this year, it has surged to $51.57. Iran's oil production has gradually increased after the lifting of Western nuclear sanctions in January of last year, reaching about 3.8 million barrels in the first four months of this year. Last year, Iran's average daily oil production was 3.5 million barrels, which is 700,000 barrels more than in 2015. However, due to relatively higher oil prices in 2015, Iran's oil revenues were higher despite a drop in export volumes. According to the U.S. Energy Information Administration's assessment, Iran's oil revenue in 2015 was about $36 billion, which was $7 billion more than the previous year. This U.S. energy agency further states that the total revenue of all OPEC members last year fell by about $76 billion compared to 2015, reaching $433 billion, the lowest level since 2004. It is expected that OPEC members' oil revenues this year will reach $539 billion and peak at $595 billion next year due to improved oil prices and increased production by the organization's members. However, OPEC's oil revenues still show a significant gap compared to the golden years of the oil market, from 2010 to 2014, when OPEC members' total revenues averaged about $1.1 trillion. Iran, due to sanctions, did not benefit from this opportunity and had half the current oil export volume. Oil prices have sharply fallen from over $105 in the first half of 2014. This figure even dropped below $30 early last year, but has improved somewhat with the OPEC production cut agreement and 11 other countries, currently around $50. Negotiations in OPEC for extending the oil production cuts 'for 9 months or more' have been reported: the increase in U.S. oil production reduces the likelihood of price increases in 2018. Two OPEC members announced an agreement to extend oil production cuts.