NO. 28

15 APRIL 1991

Oil Prices

Iran Cuts Price Formulas by 55-65 Cents/B for May-June

Iran has cut its price formulas by 55-65 cents/B for the months of May andJune as a result of pressure from its customers to match the Saudi price cutsfor May (MEES, 8 April). Iran has also indicated that June prices will remainunchanged unless Saudi Arabia again changes its price formulas, which could thenentail a review of Iranian prices. There are clauses in Iran's new contractswith Japanese buyers...