NO. 27


Oil Prices

Yemen Cuts 2Q Crude Price Formula by 20 Cents/B

MEES learns that Yemen's General Department of Crude Oil Marketing haslowered the second quarter price formula on Marib Light (40.4 API) crude toDated Brent plus 5 cents/B, compared to Dated Brent plus 25 cents/B during thefirst quarter. The Yemeni prices are FOB Ras 'Isa and determined at around fivedays from Bill of Lading (B/L), with payment 30 days from B/L.

Yemen's volume contracts with its term customers...