Middle East Economic Survey

VOL. XLVII

No 47

22-November-2004

OIL PRICES

SOMO Corrects Lower Iraqi Crude Prices By Around $1/B

Iraqs Oil Marketing Company (SOMO) informed customers on 12 November of new oil quality escalation/de-escalation clauses, revision to October prices and the price formulas for December. Basically, SOMO corrected Iraqi crude prices by around $1/B in comparison to the $1.5-2/B revision that customers asked for in letters sent throughout the past two months and during...