NO. 34



Kuwait and Japanese Buyers Agree on Price Formula

Kuwait has now reached agreement with one of its Japanese customers on aprice formula for the coming three months which should provide a basis for dealswith other Japanese buyers. MEES understands that KPC and Mitsui (acting for theJapanese refiner Cosmo) have agreed on a formula which sets the price for Kuwaitexport crude on the basis of Oman/Dubai spot price average minus 75 cents fordeliveries f.o.b. Kuwait or...