VOL. XXXV

NO. 12/13

23/30-DECEMBER-1991

Iran/Kuwait

Iran and Kuwait Set Formula Prices for 1Q 1992 Crude Contracts

MEES understands that Iran's NIOC has reached agreement with Showa Shell, thelead company among Iran's Japanese term-contract crude customers, on the priceformula for the first quarter of 1992. Under this agreement, the 1Q formula forIranian Heavy will be raised by 10 cents/B to Dubai spot minus $1.05/B (fromDubai minus $1.15/B in 4Q 1991), while leaving the 1Q Iranian Light price...