§ Mr. Nicholas Wintertonasked the Secretary of State for Energy how the price of Saudi Arabian light crude compares with that of North Sea light crude.
§ Mr. GrayFollowing an OPEC meeting on 29 October the official price of Saudi Arabian light is now $34 per barrel. The British National Oil Corporation, which is the largest trader of United Kingdom CS crude oil, has suggested to companies that the price of United Kingdom Forties oil should now be set at $36.50 per barrel. The difference between the Saudi and Forties prices reflects differences in quality and location.
§ Mr. Nicholas Wintertonasked the Secretary of State for Energy when the Government anticipate that North Sea Oil will run out.
§ Mr. GrayWe expect oil production from the United Kingdom continental shelf to increase to a peak in the mid-1980s and then to decline. The rate of decline will depend210W on the extent and nature of further discoveries, on future levels of demand and on oil prices, and cannot therefore be forecast with any certainty.