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Advance Oil Sales

Volume 984: debated on Thursday 8 May 1980

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asked the Secretary of State for Energy whether the instruction not to sell oil more than two years in advance, Official Report, 28 July 1977, column 380, stands or has been withdrawn.

I believe that there is a case for oil companies preserving their long term flexibility in disposing of North Sea oil to provide for changes in the world oil supply situation. I would, therefore, expect companies as a general rule not to commit substantial quantities of North Sea crude for more than two years ahead.