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Saudi Arabian Oil

Volume 886: debated on Monday 17 February 1975

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asked the Secretary of State for Energy if he will publish the latest figures or estimates for the cost of production per barrel of Saudi Arabian oil, the tax per barrel and the posted price.

Press reports suggest that the cost of production of Saudi Arabian light oil is now 17c a barrel.The companies pay tax and royalties of about $9·76 on the 40 per cent. of production which they own. The Saudi Arabian Government "take" or profit on the balance of the crude is about $10·29. The posted price of this crude is $11·25 a barrel.