NO. 01

3 OCTOBER 1994

Oil Prices

Nigeria Raises October Price Formulas By $0.03-0.09/B

Nigeria has raised the price formulas of its October crudes by $0.03-0.09/B.Bonny Light, Qua Iboe, Pennington and Escravos were increased by $0.07/B, whileBrass River was raised by $0.09/B, Bonny Medium by $0.08/B, and Forcados by$0.03/B.

The following table shows the adjustment factors for Nigerian crude oilsin relation to Dated Brent for the last 10 months ($/B):