NO. 39


Oil Prices

Syria Lowers 3Q Price Formula for Light Crude

Syria has lowered the 3Q price formula for its light crude blend (37ΓΈ API)to Dated Brent minus 65 cents/B, compared to Dated Brent minus 40 cents/B in thesecond quarter. The volume of the crude being allotted for export is around110,000 b/d, compared to 60,000-70,000 b/d in the second quarter. Syria's volumecontracts with its term customers are for one year with prices reviewed on aquarterly basis. Among the...