NO. 26



Iraq and Japanese Buyers Agree on 25 Cent/B Increase on 2Q PriceFormula

Iraq's SOMO and its Japanese customers have reached agreement on increasingthe crude price formula by 25 cents/B for the second quarter. As a result, the2Q price formula for Baqrah Light crude ex-Yanbu' will be Oman/Dubai spotaverage plus 3 cents/B as compared with Oman/ Dubai minus 22 cents/B in 1Q. Theincrease was occasioned by 2Q price hikes by other suppliers such as Kuwait andIran....