No. 02

12 January 1998


Iran Cuts Formula Prices For February

Iran's NIOC has reduced its February price formulas for Japaneseand other Far Eastern customers by 10-15 cents/B. Iranian Light was cut by 10 cents/B toOman/Dubai average minus 20 cents/B, while Iranian Heavy was marked down by 15 cents/B toOman/Dubai average minus 75 cents/B. The following table shows the adjustment factors forIranian Light and Iranian Heavy in relation to the Oman/Dubai average for January andFebruary...