VOL. XL No. 1621 April 1997

IRAN

Iran Reduces May Price Formula By 10 Cents/B

Iran's NIOC has reduced the price formulas for both its Iranian Light andIranian Heavy crudes by 10 cents/B for May. Iranian Light will sell atOman MPM minus 17 cents/B and Iranian Heavy at Dubai minus 23 cents/B.Iran's pricing formulas for Japanese and other Far Eastern customers are set ona quarterly basis, subject to monthly reopening in response to price changes inSaudi Arabia's Arab Light and Medium grades.

These...