October 10-14 Two weeks ago, we quoted Mohsen Qamsari, the director of international affairs for the National Iranian Oil Co. (NIOC), as predicting that the price of oil would drop to $90 by Now Ruz. Monday it was $90.40. It paused for seven straight days with nary any change, then plunged four dollars in just two days. The more important monthly average (below) shows the price has dropped $18 or 16 percent over the last four months. Many analysts will no longer predict when the price will bottom out, just as they are unsure when the surging US output will top off.
