No. 11



Iran Reduces April Formula Prices

Iranç—´ NIOC has reduced the April price formulas for itsIranian Light and Iranian Heavy crudes by 15-20 cents/B. Iranian Light was putat Oman/Dubai minus 35 cents/B, down 20 cents/B, while Iranian Heavy was set atOman/Dubai minus 55 cents/B, a drop of 15 cents/B. The following table showsthe adjustment factors for Iranian Light and Iranian Heavy in relation to theOman/Dubai average during the second half of 1998 and first four...