NO. 1



Syria Raises Price of Light Crude by 5 Cents/B for 4Q

Syria has raised the fourth quarter price formula of Syrian Light crude forterm customers by 5 cents/B to Libyan Es Sider spot minus 3 cents/B from minus 8cents/B in 3Q (MEES, 13 July). This raises the 4Q price to the level it stood atin 2Q. The 4Q formula is subject to a ceiling price of Dated Brent minus 40cents/B and a floor price of Dated Brent minus 70 cents/B.