Oil: Trade

Department for Business, Energy and Industrial Strategy written question – answered on 18th March 2019.

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Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask Her Majesty's Government what assessment they have made of the International Energy Agency's concern that a disorderly Brexit could affect demand for crude oil; and of the impact this could have on global trade.

Photo of Lord Henley Lord Henley Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The Government’s priority is to leave the European Union with a deal that works for citizens and businesses, as laid out in The Withdrawal Agreement and Political Declaration.

The Government delivered in November 2018 on its commitment to provide appropriate analysis to Parliament with a robust, objective assessment of how exiting the EU may affect the economy of the UK, sectors, nations and regions in the long run. The spectrum of outcomes for the future UK-EU relationship would deliver significantly higher economic output than the no-deal scenario. The global oil market is widely recognised as a deep, liquid and transparent market in which oil demand, supply and trade can be influenced by a wide range of factors.

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