No. 11

16 March 1998


Iran Cuts April Price Formulas By 15-25 Cents/B

Iran's NIOC has reduced its April price formulas for Japanese and other Far Easterncustomers by 15-25 cents/B. Iranian Light was cut by 15 cents/B to Oman/Dubai minus 50cents/B, while Iranian Heavy was marked down by 25 cents/B to Oman/Dubai minus $1.20/B.The following table shows the adjustment factors for Iranian Light and Iranian Heavy inrelation to the Oman/Dubai average for the first four months of 1998...