NO. 38


Oil Prices

Yemen Lowers 3Q Crude Price Formula

MEES learns that Yemen's General Department of Crude Oil Marketing has agreedwith its term customers to lower the third quarter price formula on the MaribLight (40.4 API) crude, with deliveries to the US to be priced at Dated Brentplus 10 cents/B FOB Ras 'Isa (compared to Dated Brent plus 20 cents/B in 2Q),and deliveries to Europe at Dated Brent plus 5 cents/B FOB Ras 'Isa (compared toDated Brent plus 10 cents/B in 2Q)....