VOL. XXXVII

NO. 24

14-MARCH-1994

Iran

NIOC Agrees With Japanese Buyers On 7-Cent Price Cut For 2Q

Iran's NIOC has agreed with its Japanese term customers on a 7 cents/B cut inthe second-quarter price formulas for both Iranian Light and Iranian Heavycrudes. This move is in response to Saudi Aramco's reductions of 5 cents/B forArabian Light (comparable to Iranian Light) and 10 cents/B for Arabian Medium(comparable to Iranian Heavy) in its April price formulas for Far East crudedeliveries (MEES, 7...