NO. 23

7 MARCH 1994

Oil Prices

Libya Holds Price Formulas Steady In March

Confounding some traders' expectations, Libya's National Oil Company keptMarch prices for all of its grades at February levels. Libya had been expectedto raise prices due to good demand for its crudes, but a Libyan official wasquoted as saying that the moves were made in order to keep prices competitivewith Algerian and Nigerian grades, both of which have recently made inroads intoLibya's market share.