UAE

Japanese Buyers Pressure Abu Dhabi to Reduce Prices 

Japanese customers are putting heavy pressure on the Abu Dhabi National Oil Company (ADNOC) to reduce its crude oil prices as from 1 June, MEES understands. The Japanese are basing their case on the terms of their 1985 purchase contracts which provide for stringent terms with regard to review of both prices and volumes in the event of substantial changes in market conditions (MEES, 8 April). The 1985 contracts provide for...