NO. 40

4 JULY 1994

Oil Prices

Nigeria Cuts Most July Price Formulas

Nigeria has reduced the price of most of its crudes for July. Brass River andPennington were cut by $0.10/B, while Bonny Light, Qua Iboe and Escravos werereduced by $0.04/B. Forcados remained unchanged. Only Nigeria's heaviest grade,Bonny Medium, had its price increased, by $0.03/B.

The following table shows the adjustment factors for Nigeria crude oils inrelation to Dated Brent for July and previous nine months ($/B):...