No. 39

24 June 1996


Nigeria Reduces July Price Formulas

Nigeria has reduced the July price formulas for its crudes by 1-25 cents/B. Escravos was lowered by 1 cent/B, Brass River and Pennington went down by 2 cents/B, while Bonny Light and Qua Iboe were cut by 3 cents/B. Bonny Medium and Forcados fell by 24 cents/B and 25 cents/B respectively. The following table shows the adjustment factors for Nigerian crude oils in relation to Dated Brent for the first seven months...