NO. 15

10 JANUARY 1994

Oil Prices

Nigeria Lowers January Prices By 15-22 Cents/B

Nigeria has lowered the January price formulas for all its crudes. BonnyLight, Qua Ibo and Escravos contract prices were reduced by 17 cents/B, BrassRiver by 15 cents/B, For-cados and Bonny Medium by 20 cents/B and Pennington by22 cents/B. The following table shows the adjustment factors for Nigerian crudesin relation to Dated Brent for January 1994 and the last six months of 1993($/B):