VOL. XL

No. 27

7 July 1997

IRAN

Iran Cuts August Price Formulas

Iran's NIOC has reduced its crude oil price formulas for August. Iranian Heavy is 10cents/B less for the month at Dubai minus 23 cents/B, while Iranian Light was cut by 40cents/B to Oman minus 67 cents/B. Iran's pricing formulas for Japanese and other FarEastern customers are set on a quarterly basis, subject to monthly reopening in responseto price changes in Saudi Arabia's Arab Light and Medium grades.

These price formulas are...