VOL. XXXIV

NO. 12/13

24/31-DECEMBER-1990

Iran

Iran Cuts 1Q Price Formula for Iranian Heavy Supplies to Japan

Negotiations between Iran's NIOC and Japan's Showa-Shell (usually the leadcustomer for Iranian-Japanese crude price bargaining) have resulted in anagreement on first-quarter 1991 pricing for liftings of Iranian crude, which isexpected to be generalized to all Japanese buyers. Under the deal, the 1Q priceformula for Iranian Light will be increased by 15 cents/B, while that forIranian Heavy...