Part of Oral Answers to Questions — Energy – in the House of Commons at 12:00 am on 9th May 1983.
Is my right hon. Friend aware that the cost of oil production in the middle east is less than $1 a barrel, whereas the sale price is about $29 a barrel? That does not help the Third world. That is a cartel price and not a market price. Therefore, that should not be the basis on which North sea oil is priced.