NO. 51



Iran Cuts 4Q Price Formulas

Iran's NIOC has reduced the price formulas for fourth quarter crude liftingsby its Far East customers. Iranian Heavy was pegged at Dubai plus 7 cents/B,down 22 cents from the September formula, while Iranian Light was fixed at Omanminus 17 cents/B, a reduction of 5 cents from September. Despite an adjustmentof prices in August, Iran's September prices were the same as those set at thestart of the third quarter. Iran's pricing...