PRICE AND CONTRACT DEVELOPMENTS
Iraq Increases 1Q Prices for Japan
Iraq has confirmed its price formula for first-quarter 1989 deliveries ofBasrah Light crude ex-Yanbu' to Far East destinations at Oman/Dubai spotaverage minus 22 cents/B (MEES, 26 December 1988/2 January 1989). This marks areturn to the formula applicable before the 4Q 1988 price reductions of 20 centsin October-November and a further 10 cents in December.
Despite some resistance in Japan to the...