OPEC (Price Fixing)

Part of Oral Answers to Questions — Energy – in the House of Commons at 12:00 am on 9th May 1983.

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Photo of Mr Trevor Skeet Mr Trevor Skeet , Bedford 12:00 am, 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.