VOL. XL No. 1621 April 1997


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.