TEHRAN – Iran’s oil revenue has increased about $15 million per day (m/pd) in the first quarter of 2017 compared to the last quarter of 2016, Bloomberg reported citing International Energy Agency (IEA).

IEA has recently released data for changes in oil revenue from Q4 2016 to Q1 2017, according which Iran has topped OPEC nations like Saudi Arabia and Iraq in terms of positive changes in oil revenues.

According to Bloomberg, although at first glance it seems that OPEC’s cuts haven’t worked, global oil inventories remain well above normal levels. “But the policy’s made a difference where it really counts: juicing the coffers of finance ministries from Baghdad to Caracas.”

The International Energy Agency, which advises rich countries on oil policy, said earlier this month that OPEC has a “financial motivation to extend the supply cuts.” The IEA calculates the cartel earned almost $75 million extra a day in the first quarter of this year than in the last quarter of 2016, despite collectively cutting output to 31.9 million barrels a day from 33.3 million. Consultant IHS Markit said Russia, the largest country outside the cartel to join the cuts, also earned more.

OPEC and its allies believe they can continue earning more while pumping less. Even those countries that question whether an extension can re-balance the market and bring down elevated stockpiles don’t oppose an extension. While oil ministers have a sense of defeat in their battle against high inventories, finance ministers are happy, one OPEC delegate said.

OPEC members will meet today to discuss whether to extend output cuts agreed in December last year between OPEC and 11 non-member countries, including Russia.

Many oil market analysts believe that OPEC is going to extend the cuts for another nine months.

EF/MA