VOL. XL

No. 50

15 December 1997

IRAN

Iran Adopts New Crude Pricing Formula Starting January 1998

Iran's NIOC has adopted a new crude oil pricing formula for its Japanese and other FarEastern customers that will go into effect as of January 1998. The new formulas forIranian Light and Iranian Heavy crudes will use a differential based on the monthlyaverage price for Oman and Dubai crudes.

Under the previous system, the price formula for Iranian Light crude was based on theOman price and that for...