No. 30

22 April 1996


Nigerian Price Formulas For May

Nigeria has raised the May price formulas for its light crudes but reduced the formulas for its heavier grades. Bonny Light, Qua Iboe, Brass River and Escravos were each increased by 1 cent/B, while Pennington was marked up by 3 cents/B. Forcados and Bonny Medium, meanwhile, were both reduced by 10 cents/B. The following table shows the adjustment factors for Nigerian crude oils in relation to Dated Brent for the...