the daily price is not surging. In fact, it has actually fallen a little bit. The theory behind the boycott is that the handful of remaining buyers would then demand discounts from Iran. But look at the chart below. It’s not our usual monthly average. It shows the annual average going back to 1997. Oil is so pricey today that even if Iran’s remaining buyers could force an astounding one- quarter discount, the Islamic Republic would still have higher revenues than in every year of its history but one (2008). OPEC ANNUAL average
