NO. 26


North Yemen

2Q North Yemen Crude Prices

MEES learns that North Yemen's General Department of Crude Oil Marketing hasagreed with its term customers on the Marib Light (40.4 API) second quarterprice formulas, with deliveries to the US to be priced at Dated Brent plus 20cents/B FOB Ras 'Isa, and deliveries to Europe at Dated Brent plus 10 cents/BFOB Ras 'Isa. There was one formula for all destinations for the first quarterat Dated Brent plus 10 cents/B FOB Ras 'Isa.