HC Deb 20 March 1979 vol 964 c550W
Mr. Skeet

asked the Secretary of State for Energy how many oil-producing States have decided to market crude oil in excess of OPEC standard marker crude $13.33 barrel; and on average how much these levies or surcharges exceed the 5 per cent. agreed for the first quarter of 1979 by OPEC member States in December 1978.

Dr. Mabon

The latest information available to me indicates that at least half of OPEC member countries are selling crude oil at term prices in excess of those agreed for this quarter by OPEC Ministers in December. The weighted average of these increases above official OPEC first quarter prices so far is of the order of 20 cents/barrel, averaged over expected OPEC first quarter sales. This calculation discounts crude oil sales on the spot market, which account for only a few per cent. of total crude oil sales, and where prices in recent weeks have in some cases risen to $10 above official OPEC prices.

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