Iran Raises 2Q Price Formula for Heavy Crude Leaving Light Unchanged
Following negotiations in Tokyo during the past week, Iran's NIOC and itsJapanese customers have agreed on crude price formulas for the second quarterunder which Iranian Heavy will be raised by 15 cents/B with Iranian Lightremaining unchanged, MEES understands. As agreed in Tokyo, the 2Q crude priceformulas will be:
- Iranian Light: Oman spot plus 20 cents/B (unchanged from 1Q).
- Iranian Heavy:...