NO. 23

7 MARCH 1994

Oil Prices

Nigeria Lowers March Formula Prices

Under pressure from competing North Sea grades, Nigeria's NNPC cut its Marchformula prices across-the-board last week. Despite comparable refining values,Nigerian grades have recently lost ground to cheaper North Sea alternatives.NNPC's Pennington grade saw the biggest cut, at some 29 cents/B, while the pricefor Bonny Medium dropped a more modest 12 cents per barrel.

The following table shows the adjustment factors for...