HC Deb 26 June 1974 vol 875 c470W
Mr. Skeet

asked the Secretary of State for Energy if he will list in tabular form current posted prices for the principal Middle East, Indonesian, Libyan, Nigerian and Venezuelan crudes, royalty rates and buy-back prices where announced by overseas Governments.

Mr. Strang

Current posted prices for the crudes mentioned are as follows:

Crude Gravity $ per barrel
Arab light 34 11.651
Arab Berri 39 12.351
Arab medium 31 11.561
Arab heavy 27 11.441
Iran light 34 11.875
Iran heavy 31 11.635
Kuwait 31 11.545
Abu Dhabi:
Umm Shait 37 12.086
Murban 39 12.636
Zakum 40 12.566
Iraq Hasrah 35 11.672
Qutar Marine 36 12.013
Qutar Dukhan 40 12.414
Oman 34 12.298
Libyan 40 15.768
Nigerian 34 14.691
Indonesia
Sumatra light 34 11.700
(Official Selling Price)
Venezueta
Tia Juana 26 13.776
Tia Juana 31 14.356
Oficina 35 14.876

Royalties are usually 12½ per cent. of posted prices, but the Venezuelan figure is 16⅔ per cent. In most cases the rate will be 14½per cent. from 1st July. Buyback prices are not generally announced.