No. 03

19 January 1998


Nigeria Cuts February Price Formulas

Nigeria has reduced its crude oil price formulas for February with cuts ranging between2 and 10 cents/B. Bonny Medium was marked down by 2 cents/B, Escravos was decreased by 4cents/B, Bonny Light, Qua Iboe, Brass River and Pennington were cut by 5 cents/B, whileForcados declined by 10 cents/B. The following table shows the adjustment factors forNigerian crude oils in relation to Dated Brent for the second half of 1997 and...