Oil Supplies

Part of the debate – in the House of Commons at 12:00 am on 24th October 1973.

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Photo of Mr Peter Walker Mr Peter Walker , Worcester 12:00 am, 24th October 1973

On the basis of the OECD formula we already have reserves to last 90 days. The figure which I gave was for forward consumption whereas the OECD's is a comparison with past consumption. The target of the OECD was set for 1975 but we have more than achieved this already.