Japanese Firms Renew Supply Contracts for Oman Crude with Shell

MEES learns that seven Japanese firms Nippon Oil, Mitsubishi, Marubeni, Mitsui, C. Itoh, Nishho Iwai, and Kanematsu have renewed term contracts with Shell International for 1987 supplies of Oman crude at spot-related prices. The total volume involved for the seven companies is understood to be around 70,000-80,000 b/d.

According to MEES information, the price formula specified in the 1987 contracts is based on the...