NO. 12/13

25-DEC-1989/1 JAN1990


Iran and Japanese Agree on Unchanged 1Q Price Formula

MEES learns that Iran's NIOC has agreed with its main Japanese customers thatIran's crude price formula for 1Q 1990 will remain unchanged from 4Q 1989 atparity with spot Oman for Iranian Light and spot Dubai minus 15 cents/B forIranian Heavy.

In the initial phase of the price/volume negotiations for 1Q 1990, NIOC hadbeen asking for an increase of 10 cents on Iranian Light with Heavy remaining...