1.   The Nymex would have a trading pit for Brent, the benchmark crude on the IPE, and gasoil, the IPE distillate contract.

2.   Iraq had earlier submitted a formula under which U.N. experts would set the price based on market rates for various benchmark crudes.

3.   Last month, Iraq submitted a formula under which U.N. experts would set the price based on market rates for various benchmark crudes.

4.   The pricing formula is believed to be based on benchmark crudes such as Dated Brent, Dubai and West Texas Intermediate.

5.   The U.S. plan offered last week also offers a definition of the role of the overseers based on a call for contracts to be priced according to benchmark crudes.