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Syria's 1Q 1991 Price Formula for Light Crude

The 1Q 1991 price formula for Syrian Light crude (37 API) has generallyremained unchanged from 4Q 1990. It sets the price of Syrian Light at Essiderplus 5 cents/B. At first Syria wanted the price to be subject to a ceiling ofDated Brent plus 35 cents/B and a floor of Dated Brent minus 35 cents/B, but theterm customers objected and Syria dropped this requirement. Another problemwhich has not been completely...