NO. 28



Iran Lowers 2Q Price Formula for Japanese Buyers

Following heavy pressure from its Japanese customers (MEES, 4 April), Iran's NIOC has agreed to give Japanese buyers an extra 7.5 cents/B discount oncontract crude deliveries for the second quarter, MEES is reliably informed. Theprice formula for the second quarter will be set at spot Oman minus 17.5 centsfor Iranian Light and spot Dubai minus 27.5 cents for Iranian Heavy. In thefirst quarter the formula was spot...