NO. 24



Kuwait Agrees with Japanese Buyers on 25-Cent Reduction in 2QFormula

MEES learns that Kuwait's KPC has agreed with its Japanese term customers ona 25-cent reduction in its crude price formula for the second quarter of thisyear. The 2Q price formula has been set at Oman/Dubai spot average minus 75cents/B, as compared with Oman/Dubai minus 50 cents/B for 1Q. Agreement on the2Q price formula for Kuwait crude - which follows Saudi Arabia's 20-cent cut inFar East...