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Crude Oil Prices

Volume 974: debated on Monday 26 November 1979

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asked the Secretary of State for Energy what consultations he has had with the British National Oil Corporation regarding its recent price increases for crude oil above the ceiling presently set by the Organisation of Petroleum Exporting Countries; and if he will make a statement.

United Kingdom North Sea oil prices are determined by world market prices for equivalent crudes, and not by the Government. With regard to the price increases announced earlier this month, I sought and obtained the collaboration of United Kingdom continental shelf producers not to raise their prices earlier despite considerable market pressures, and the increase was made only after all three of the major OPEC producers of equivalent crudes had announced similar price increases.