NO. 18

31 JANUARY 1994

Oil Prices

Nigeria Raises February Prices By 20-34 Cents/B

Nigeria has raised the February price formulas for all its crudes. The priceformula for Pennington was raised by 34 cents/B. Bonny Light, Qua Ibo andEscravos contract prices were increased by 33 cents/B, Brass River by 29cents/B, Bonny Medium by 27 cents/B, and Forcados by 20 cents/B. The followingtable shows the adjustment factors for Nigerian crudes in relation to DatedBrent for the first two months of...