Oman Lowers Contract Crude Price By $1.20/B Retroactively to 1 May 

Oman has lowered the price of its contract crude retroactively to 1 May by $1.20/B from $27.35/B in April to $26.15/B. The Omani Ministry of Petroleum and Minerals notified its contract customers, who are mainly Japanese firms, of the price reduction on 3 June.

Non-OPEC Oman, it will be recalled introduced as of 1 January 1985 a spot market related price formula, under which a "deemed" spot price is...