No. 38



SOMO Proposes Price Formulas For October

Iraq's proposed price formulas for October, as submitted by SOMO to the UN on 18September, have once again diverged from the price changes announced by Saudi Aramco forArab Light (MEES, 7 September) which have in the past served as guideposts forIraqi pricing. For shipments to the US, SOMO has proposed increases of 55 cents/B forBasrah Light crude and 35 cents/B for Kirkuk crude, whereas the Arab Light price was...