VOL. XXXII

NO. 9

5-DECEMBER-1988

NORTH YEMEN

New Price Formula Proposed for 1989

MEES learns that North Yemen has proposed a new price formula for 1989 for Marib Light (40.4 API) based on a benchmark of WTI rather than DatedBrent/Dubai as was the case in 1988. The General Department of Crude OilMarketing sent a telex on 23 November to a short list of 17 European andAmerican companies - mostly end users - asking them to submit offers for thewhole of 1989 based on a bidding procedure with a 9...