GENERAL

BNOC Cuts Price for June 

The British National Oil Corporation (BNOC) has announced an across-the-board reduction of $1.251B in the price it will pay for its purchases of participation crude from the North Sea in June (all of which has already been resold). BNOC switched to monthly, market-related pricing in April after the British Government decided to abolish the Corporation (MEES, 1 April), and is currently phasing out its operations over a three-month period ending this...