VOL. XLII

No. 07

15-February-1999

IRAQ

SOMO Under Pressure To Lower Price Formulas For March Sales

MEES soundings indicate that Iraqs State Oil MarketingOrganization (SOMO) is under considerable pressure from its customers to lowerMarch price formulas, following the unpopular price hikes for February (MEES,25 January). Iraqi crudes in Europe during this month have been sold either atofficial selling price (OSP) or less as far down as 20-30 cents/B. The mainreason behind this is price volatility...