IRAQ

Japanese Buyers Press for Revision of Iraqi Price Formula 

Iraq's Japanese customers are pressing for a revision of the formula employed for pricing Iraqi exports of Basrah Light crude at the Yanbu' terminal on the Red Sea, MEES understands. The formula, negotiated for the fourth quarter of 1985 (MEES, 7 and 28 October 1985), is based on the arithmetic average of the spot prices of a basket of Gulf crudes - Arab Light, Dubai and Oman - for 21 days prior to loading, minus...