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Oil: Prices

Volume 473: debated on Thursday 13 March 2008

To ask the Secretary of State for Business, Enterprise and Regulatory Reform pursuant to the answer of 4 March 2008, Official Report, columns 2263-64W, on oil: prices, what (a) methodology was adopted and (b) factors were taken into account, in producing assumptions for future oil prices, with particular reference to the forecast for oil prices between 2010 and 2020. (193038)

[holding answer 10 March 2008]: The oil assumptions used by the Government for their analytical work are formulated through a consultation process. The consultation is available on the Department's website (http://www.berr.gov.uk/energy/environment/projections/index.html) and is open to anyone who wants to participate. As part of the consultation, industry experts and analysts across the Government are consulted, and information from a number of sources, including the International Energy Agency, are used. Factors such as the global demand and supply projections, price growth rate, etc. are considered in arriving at the oil assumptions.