By Alexander Kwiatkowski
Dec. 24 (Bloomberg) -- Nigeria, vying with Angola to be Africa’s biggest oil producer, lowered the official selling prices for all except one of its crude types for export in January.
Bonny Light and Qua Iboe prices were lowered 90 cents to a premium of $1.85 a barrel over Dated Brent, according to two traders of Nigeria crude with knowledge of the prices compiled by state-owned Nigerian National Petroleum Corp.
The prices for all other crude types were lowered by between 45 cents and $1.20 a barrel, apart from Agbami which increased 20 cents.
Militant attacks have cut crude production in Nigeria, which was overtaken by Angola for at least three months this year as Africa’s biggest producer. Nigerian crude is the light sweet variety of oil favored by U.S. refiners for the quantity of gasoline it produces.
Following is a table of January prices for all grades, giving the change from December. Nigerian crude oil is priced in relation to Dated Brent, a formula based on the cost of four blends from the North Sea.
=============================================================== Grade Spread to Dated Change from December Agbami $0.50 +$0.20 Bonny Light $1.85 -$0.90 Qua Iboe $1.85 -$0.90 Escravos $1.40 -$0.95 Brass Blend $1.90 -$0.90 Pennington $3.00 -$0.95 Forcados $2.50 -$0.85 Amenam $1.65 -$1.00 Oso Condensate $0.00 -$0.90 Yoho Light $1.90 -$1.00 EA Blend $3.55 -$0.45 Bonga $1.50 -$1.20 Erha $1.80 -$1.00 ===============================================================
To contact the reporter on this story: Alexander Kwiatkowski in London at akwiatkowsk2@bloomberg.net
Last Updated: December 24, 2008 05:45 EST
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