Iraq Price Formula Adjusted 

Iraq's price formula for sales of Basrah Light crude at Saudi Red Sea terminal of Yanbu' has been adjusted to take account of the fact that Arabian Light crude one of the three reference light crudes used in the formula - no longer figures in the regular spot market quotations.

The original Iraqi price formula, applicable to Japanese customers who account for contract liftings of 210,000 b/d of Basrah Light, was based on the arithmetic...