NO. 38


Oil Prices

Kuwait Price Formula in 3Q

Kuwait has notified its Far Eastern term crude oil customers that its thirdquarter price formula will be Oman/Dubai minus $1.15/B, a roll-over of thecurrent price. The original Kuwaiti price formula for the second quarter wasOman/Dubai minus $1.20/B. However, due to an increase of 5 cents/B in the Mayprice of Saudi Arabian Medium to the Far East, Kuwait raised its pricesaccordingly in the middle of the quarter to Oman/Dubai minus...