No. 43

22 July 1996


Nigeria Raises August Price Formulas

Nigeria has increased the August price formulas for its crudes by 8-22 cents/B. Brass River was raised by 8 cents/B, while Bonny Light, Qua Iboe, Pennington and Escravos were marked up by 9 cents/B. Bonny Medium and Forcados both rose by 22 cents/B. The following table shows the adjustment factors for Nigerian crude oils in relation to Dated Brent for the first eight months of 1996 ($/B):