VOL. XLIII

No. 45

6-November-2000

IRAN

NIOC To Undertake Six-Month Trial Of BWAVE Benchmark For Western Crude Exports

For six months beginning 1 January the National Iranian Oil Company (NIOC) will use the IPEs Brent Weighted Average (BWAVE) benchmark as a basis for the prices of its crude oil sales to Europe and South Africa. This move follows Saudi Aramcos adoption of the BWAVE reference for exports to Europe from 1 April and Kuwait Petroleum Corporations subsequent decision to follow suit (for...