|
Crude Oil Formulas/Posted Prices ($/B)
Iran
(+ / - Adjustment Factor; $/B)
|
|
2009
|
2008
|
|
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Asia (Oman/Dubai)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iranian Light (34°)
|
+0.46
|
+0.91
|
+0.09
|
+1.84
|
+1.74
|
+1.30
|
+1.10
|
+1.20
|
+0.50
|
-0.20
|
-0.60
|
-0.95
|
-0.35
|
Iranian Heavy (31°)
|
-0.31
|
-0.16
|
-1.12
|
+0.38
|
+0.68
|
+0.20
|
-0.45
|
+0.55
|
-0.58
|
-1.98
|
-3.18
|
-3.87
|
-2.87
|
Foroozan (31°)
|
-0.26
|
-0.11
|
-1.07
|
+0.43
|
+0.73
|
+0.25
|
-0.40
|
+0.60
|
-0.51
|
-1.91
|
-3.11
|
-3.80
|
-2.80
|
Soroosh (18.6°)*
|
NA
|
-7.24
|
-7.23
|
-7.33
|
-9.98
|
-10.05
|
-10.55
|
-10.35
|
-10.52
|
-11.07
|
-11.77
|
-11.83
|
-11.53
|
Norooz (20.6°)*
|
NA
|
-6.64
|
-6.63
|
-6.73
|
-9.38
|
-9.45
|
-9.95
|
-9.75
|
-9.92
|
-10.47
|
-11.17
|
-11.23
|
-10.93
|
NWE/S Africa (BWAVE)
|
|
|
|
|
|
|
|
|
|
|
|
|
Iranian Light (34°)
|
-1.75
|
-1.85
|
-2.35
|
-1.65
|
-1.70
|
-2.80
|
-3.30
|
-1.75
|
-3.45
|
-5.40
|
-5.90
|
-4.70
|
-4.80
|
Iranian Heavy (31°)
|
-2.10
|
-2.30
|
-2.75
|
-2.10
|
-2.40
|
-3.65
|
-4.05
|
-2.15
|
-3.85
|
-6.50
|
-7.45
|
-6.75
|
-6.65
|
Foroozan (31°)
|
-1.95
|
-2.15
|
-2.60
|
-1.95
|
-2.25
|
-3.50
|
-3.90
|
-2.00
|
-3.80
|
-6.50
|
-7.50
|
-6.80
|
-6.70
|
Mediterranean (BWAVE)
|
|
|
|
|
|
|
|
|
|
|
|
|
Iranian Light (34°)
|
-2.55
|
-2.25
|
-2.00
|
-2.25
|
-2.10
|
-3.45
|
-3.40
|
-3.00
|
-4.40
|
-5.90
|
-6.15
|
-5.45
|
-5.90
|
Iranian Heavy (31°)
|
-2.90
|
-2.85
|
-2.50
|
-2.90
|
-2.75
|
-4.20
|
-4.20
|
-3.30
|
-5.25
|
-7.35
|
-8.30
|
-7.65
|
-7.70
|
Foroozan (31°)
|
-2.75
|
-2.70
|
-2.35
|
-2.75
|
-2.60
|
-4.05
|
-4.05
|
-3.15
|
-5.20
|
-7.35
|
-8.35
|
-7.70
|
-7.75
|
Soroosh (18.6°)*
|
NA
|
-2.25
|
-1.95
|
-2.20
|
-1.80
|
-2.05
|
-2.05
|
-1.00
|
-2.30
|
-4.20
|
-5.50
|
-6.30
|
-5.30
|
Norooz (20.6°)*
|
NA
|
-1.65
|
-1.35
|
-1.60
|
-1.00
|
-1.05
|
-1.05
|
0.00
|
-1.30
|
-3.20
|
-4.50
|
-5.70
|
-4.75
|
Sidi Kerir (BWAVE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iranian Light (34°)
|
-1.30
|
-1.10
|
-0.95
|
-0.75
|
-1.00
|
-2.40
|
-2.40
|
-1.55
|
-2.90
|
-4.40
|
-4.80
|
-4.00
|
-4.00
|
Iranian Heavy (31°)
|
-1.50
|
-1.70
|
-1.45
|
-1.40
|
-1.65
|
-3.15
|
-3.20
|
-1.85
|
-3.75
|
-5.85
|
-6.95
|
-6.20
|
-5.80
|
Foroozan (31°)
|
-1.65
|
-1.55
|
-1.30
|
-1.25
|
-1.50
|
-3.00
|
-3.05
|
-1.70
|
-3.70
|
-5.85
|
-7.00
|
-6.25
|
-5.85
|
* Iran’s Soroush and Norouz crudes are discounted against Iranian Heavy crude.
Nigeria
(Dated Brent + / - Adjustment Factor; $/B)
|
|
2009
|
2008
|
|
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Bonny Light (37°)
|
+1.30
|
+1.65
|
+1.35
|
+1.00
|
+1.70
|
+1.00
|
+0.60
|
+1.80
|
+3.15
|
+2.00
|
+1.85
|
+2.75
|
+3.60
|
Brass River (36°)
|
+1.30
|
+1.70
|
+1.40
|
+1.05
|
+1.75
|
+1.00
|
+0.60
|
+1.85
|
+3.20
|
+2.05
|
+1.90
|
+2.80
|
+3.70
|
Qua Iboe (37°)
|
+1.30
|
+1.65
|
+1.35
|
+1.00
|
+1.70
|
+1.00
|
+0.60
|
+1.80
|
+3.15
|
+2.00
|
+1.85
|
+2.75
|
+3.60
|
Pennington (36°)
|
+2.40
|
+2.80
|
+2.50
|
+2.00
|
+3.10
|
+2.20
|
+1.50
|
+3.00
|
+4.55
|
+3.50
|
+3.00
|
+3.95
|
+4.85
|
Escravos (36°)
|
+0.70
|
+1.10
|
+0.75
|
+0.40
|
+1.10
|
+0.50
|
+0.15
|
NA
|
NA
|
NA
|
NA
|
+2.35
|
+3.00
|
Forcados (31°)
|
+0.85
|
+1.30
|
+0.95
|
+0.75
|
+1.35
|
+0.80
|
+0.45
|
+1.80
|
+3.50
|
+2.80
|
+2.50
|
+3.35
|
+3.80
|
Odudu (27°)
|
NA
|
NA
|
+1.00
|
+0.80
|
+1.40
|
+0.45
|
+0.20
|
+1.75
|
+2.95
|
+1.80
|
+1.65
|
+2.65
|
+3.40
|
Iraq
(+/- Adjustment Factor; $/B)
|
|
2009
|
2008
|
|
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Basrah Light Crude
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basrah Light (WTI 2nd Month)
|
NA
|
-3.50
|
-2.00
|
-3.85
|
-2.85
|
-3.35
|
-3.60
|
+1.30
|
-4.00
|
-4.05
|
-7.15
|
-7.05
|
-7.05
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basrah Light (Dated Brent)
|
-0.80
|
-0.80
|
-0.80
|
-0.20
|
-0.20
|
-1.50
|
-2.20
|
-1.05
|
-2.05
|
-4.35
|
5.20
|
-4.35
|
-4.35
|
Far East
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basrah Light (Oman/Dubai)
|
NA
|
-0.20
|
-0.80
|
+0.75
|
+1.30
|
+0.45
|
-0.35
|
+0.15
|
-0.85
|
-2.15
|
-3.35
|
-3.35
|
-2.05
|
Kirkuk Crude ex-Ceyhan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kirkuk (WTI 1st
Month)
|
NA
|
-1.60
|
0.00
|
-3.00
|
-1.90
|
-2.30
|
-2.10
|
+1.85
|
+0.85
|
-2.90
|
-5.30
|
-4.95
|
-4.55
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kirkuk (Dated Brent)
|
-0.45
|
-0.45
|
-0.45
|
-0.55
|
-0.50
|
-1.50
|
-1.95
|
-0.85
|
-1.75
|
-3.25
|
-4.00
|
-3.00
|
-2.25
|
Note:
Effective December 2003, Iraq introduced a freight escalation/de-escalation clause into its price formulas for the US and Europe. Somo will use a base worldscale rate of 40 points, or about $1.09, and will calculate the freight factor by taking the average of worldscale rates published in Platts
between the 16th of the month preceding loading to the 15th of the month of loading.
Kuwait
(+ / - Adjustment Factor; $/B)
|
|
2009
|
2008
|
|
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Kuwait Export Crude
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Far East (31º)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oman/Dubai
|
-0.70
|
-0.55
|
-1.50
|
0.00
|
+0.30
|
-0.20
|
-0.87
|
+0.10
|
-0.90
|
-2.25
|
-3.45
|
-4.05
|
-3.05
|
|
|
2009
|
2008
|
|
|
4Q
|
3Q
|
2Q
|
1Q
|
4Q
|
3Q
|
2Q
|
1Q
|
Europe
|
|
|
|
|
|
|
|
|
KEC (BWAVE) to
|
|
|
|
|
|
|
|
|
Arab Medium
|
+0.30
|
+0.30
|
+0.30
|
+0.30
|
+0.25
|
+0.25
|
+0.25
|
+0.15
|
US
|
|
|
|
|
|
|
|
|
KEC (WTI) to
|
|
|
|
|
|
|
|
|
Arab Medium
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
Libya
(Dated Brent + / - Adjustment Factor; $/B)
|
|
2009
|
2008
|
|
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Zueitina (41°)
|
+0.15
|
+0.15
|
+0.15
|
+0.15
|
+0.30
|
+0.10
|
+0.20
|
+0.40
|
+0.30
|
+0.05
|
-0.10
|
0.00
|
+0.20
|
Brega (40°)
|
+0.30
|
+0.30
|
+0.40
|
+0.40
|
+0.70
|
+0.50
|
+0.60
|
+0.80
|
+0.70
|
+0.45
|
+0.30
|
+0.60
|
+0.80
|
Sirtica (41°)
|
-0.30
|
-0.30
|
-0.30
|
-0.30
|
-0.50
|
-0.70
|
-0.60
|
-0.40
|
-0.40
|
-0.60
|
-0.75
|
-0.45
|
-0.35
|
Es Sider (37°)
|
-0.05
|
-0.05
|
+0.05
|
+0.05
|
-0.10
|
-0.40
|
-0.40
|
-0.20
|
-0.20
|
-0.70
|
-0.85
|
-0.75
|
-0.65
|
Bu Attifel (36°)
|
+0.30
|
+0.30
|
+0.30
|
+0.30
|
+0.45
|
+0.25
|
+0.55
|
+0.85
|
+0.85
|
+0.65
|
+0.50
|
+0.80
|
+0.90
|
Sarir (36°)
|
-0.90
|
-1.05
|
-1.10
|
-1.10
|
-1.40
|
-1.90
|
-2.00
|
-2.00
|
-2.30
|
-2.70
|
-2.85
|
-2.75
|
-2.55
|
Amna (36°)
|
-0.65
|
-0.65
|
-0.65
|
-0.65
|
-0.80
|
-1.05
|
-1.10
|
-0.90
|
-1.15
|
-1.35
|
-1.50
|
-1.20
|
-1.10
|
Esharara (43°)
|
+0.60
|
+0.70
|
+0.80
|
+1.00
|
+1.30
|
+1.00
|
+1.50
|
+2.10
|
+2.10
|
+1.80
|
+1.70
|
+2.70
|
+2.90
|
Mellitah (41.6°)
|
+0.60
|
+0.60
|
+0.70
|
+0.90
|
+1.20
|
+0.90
|
+1.20
|
+1.80
|
+1.80
|
+1.50
|
+1.40
|
+1.70
|
+1.90
|
Bouri (26°)*
|
-1.75
|
-1.90
|
-1.90
|
-1.90
|
-2.20
|
-2.50
|
-2.60
|
-2.40
|
-2.55
|
-2.95
|
-3.10
|
-2.90
|
-2.70
|
Al Jurf (30°)*
|
+0.05
|
0.00
|
0.00
|
0.00
|
-0.10
|
-0.30
|
-0.35
|
-0.15
|
-0.15
|
-0.55
|
-0.70
|
-0.70
|
-0.70
|
* Adjustment factor is the Urals Average.
Syria
(Dated Brent + / - Adjustment Factor; $/B)
|
|
2009
|
2008
|
|
|
Nov
|
Oct
|
Sep
|
Aug
|
Jul
|
Jun
|
May
|
Apr
|
Mar
|
Feb
|
Jan
|
Dec
|
Nov
|
Syrian Heavy (24°)
|
-3.40
|
-3.40
|
-2.90
|
-2.90
|
-3.50
|
-5.00
|
-5.75
|
-5.50
|
-7.50
|
-11.00
|
-12.50
|
-12.50
|
-10.00
|
© Copyright MEES 2009.
|
