OIL PRICE DEVELOPMENTS
Iraq Encounters Japanese Resistance to 1Q 1989 Price Ideas
Iraq's SOMO and its Japanese customers have so far failed to reach agreementon price terms for first-quarter 1989 contract liftings. Iraq is apparentlyinsisting that the lQ 1989 price formula for deliveries of Iraqi Basrah Lightcrude f.o.b. Yanbu' should be restored to Oman/Dubai spot average minus 22cents/B - this being the level applicable before the 4Q 1988 price...