No. 13

27 March 2000


Customers Protest SOMOs Price Formulas For April

MEES soundings indicate that buyers of Iraqi crude oil have protested to the UN over Iraqs State Oil Marketing Organization (SOMO) price formula for April. It is understood that the customers have contacted the UN overseer asking the Sanctions Committee to review the formulas in the light of recent market developments. SOMO proposed, and the UN overseer and the Sanctions Committee approved, that prices for...