NO. 25

22 MARCH 1993


NIOC Rolls Over March Far East Prices for 2Q 1993

Iran's NIOC has reached agreement with its Japanese customers on maintainingits March crude price formulas - Iranian Light at spot Oman minus 20 cents/B andIranian Heavy at spot Dubai minus 98 cents/B - unchanged into the secondquarter. These price formulas are subject to an automatic adjustment factor (AAF),which is calculated by taking 77 cents/B (the Oman-Dubai spot differentialquoted by Platt's in February),...