NO. 45

8 AUGUST 1994

Oil Prices

Nigeria Reduces August Price Formulas By $0.10-0.13/B

Nigeria has reduced the price formulas of its August crudes by $0.10-0.13/B.Bonny Light, Qua Iboe, and Escravos were lowered by $0.13/B, Brass River by$0.12/B, and Pennington and Bonny Medium by $0.10/B. Forcados remainedunchanged.

The following table shows the adjustment factors for Nigeria crude oils inrelation to Dated Brent for August and the previous 10 months ($/B):