OMAN

Oman Introduces Market-Related Price Formula

MEES learns that, despite official denials, non-OPEC Oman has reached broad agreement with its main contract customers on the introduction of a spot market related price formula for 1985. For the purposes of issuing letters of credit, a "deemed" spot price will be notified to customers by the government before the beginning of each month, to be applicable for the upcoming month. This provisional "deemed" price will be...