NO. 40



Iran's 3Q Term Contracts with Japanese Buyers likely to Be Renewed at SamePrices and Volumes as 2Q

It is now expected that Iran's third-quarter term crudesupply contracts with Japanese buyers will be renewed at the same prices andvolumes as in the second quarter - though there could be some slippage in actualliftings since there will be very few loadings of Iranian crude destined forJapan in July, so there will be a backlog to be made up in August and September....