No. 13



Syria Raises March Formula Price For Light Crude

Syria's state agency Sytrol has raised the March price formula for Syria Light by 5cents/B to Dated Brent minus 70 cents/B. The price formula for Syrian Heavy is still beingnegotiated, with Sytrol insisting on a price of Dated Brent minus $3.90/B. The followingtable shows the adjustment factors for Syrian Light and Syrian Heavy in relation to DatedBrent for the second half of 1997 and the first quarter of 1998...