NO. 25



Iran and Japanese Agree on 30-Cent Drop in 2Q Heavy Crude Price

MEES learns that Iran's NIOC has reached agreement with its Japanesecustomers on a 30-cent reduction in its price formula for Iranian Heavy crude inthe second quarter, while leaving the formula for Iranian Light unchanged. The2Q price formulas will therefore be parity with spot Oman for Iranian Light(same as 1Q) and spot Dubai minus 45 cents/B for Iranian Heavy (as compared withDubai minus 15...