HC Deb 15 November 1973 vol 864 cc250-2W
Mr. Skeet

asked the Secretary of State for Trade and Industry if he will state for each year since the negotiation of the Teheran and Tripoli agreements the percentage rise in oil prices by Middle East States, in United States of America cents per barrel, the take of host Governments compared with 1961 and the revenue he estimates will be received by the leading Middle East Governments following the latest increases in prices.

Dollars per barrel
March 1971 March 1972 Percentage change March 1973 Percentage change on a year earlier October 1973 Percentage change since March 1973
Arabian light … … 2.180 2.479 +14 2.591 +5 5.119 +98
Iran light … … 2.170 2.467 +14 2.579 +5 5.091 +98
Kuwait … … 2.085 2.373 +14 2.482 +5 4.903 +98
Abu Dhabi, Murban 2.235 2.540 +14 2.654 +5 6.045 +128
Iraq, Basrah … … 2.155 2.451 +14 2.562 +5 5.061 +98
Qatar, Dukhan … 2.280 2.590 +14 2.705 +5 5.834 +115
Libyan … … 3.447 3.673 +7 4.024 +10 8.925 +118

Figures for host Governments take in 1961, now and immediately prior to the recent increases are shown in the following table:

U.S. center per barrel
Government take
1961 1st October 1973 16th October 1973
Saudi Arabia 76 177 305
Iran 76 175 302
Kuwait 74 171 294
Abu Dhabi — 182 358
Iraq 77 174 300
Qatar 87 181 315
Libya 63 283 545
The revenue that will be received by Middle East Governments will be dependent upon a number of factors including the levels of production and sales to all markets.

Mr. Skeet

asked the Secretary of State for Trade and Industry what would be the cost to the United Kingdom of animal oil imports, assuming the 1972 level of imports of crude oil at a market cost of 40 per cent. below posted prices, where posted prices in the Persian Gulf approximated $5.00 BBL, in the Eastern Mediterranean $7.00 BBL, Libyan 40.0–40.09° API $8.925 BBL and Nigerian 34.0–34.09° API $8.30 BBL; and how this cost compares with the position on 1st January 1973.

Mr. Emery

On the basis of the price assumptions quoted, the annual cost of crude and process oils imported into the United Kingdom from the areas specified would have been of the order of £1,000 million using 1972 quantities. The actual value of such imports in 1972 from these sources was £833 million. These sums do not, of course, represent the total cost of our oil imports.

Mr. Emery

The following table sets out posted prices of some Middle East crude oils since the Teheran and Tripoli agreements: