VOL. XXXVI

NO. 36

7-JUNE-1993

IRAN

Brazil Slashes Iranian Crude Liftings

Brazil's Petrobras has announced that it will be reducing its crude oilliftings from Iran to 40,000 b/d as compared with the previous volume of 180,000b/d. Petrobras was reportedly unhappy over Iran's price and resale terms. According to Petrobras, the company will make up for the reduction in Iraniansupplies with increased purchases from Argentina (40,000 b/d), Kuwait, Qatar,Ecuador and the spot market.