NO. 38


Oil Prices

Iran Raises 3Q 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 third quarterunder which Iranian Heavy will be raised by 5 cents/B with Iranian Lightremaining unchanged. As agreed in Tokyo, the 3Q price formula will be:

- Iranian Light: Oman spot plus 20 cents/B (unchanged from 2Q).

- Iranian Heavy: Dubai spot minus...