VOL. XXXIV

NO. 38

24-JUNE-1991

Iran

Iran Raises 3Q 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 a third quarter 1991 price for liftings of Iranian crude which isexpected to be generalized to all Japanese buyers. Under the deal, the 3Q priceformula for Iranian Heavy will be increased by 5 cents/B, while that of IranianLight will remain...