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Answering member
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Brian Wilson
Type
House
Session
Year
Department
Member
Primary member
Answering member
More
Wilson, Brian (1)
Legislative stage
Legislation
Subject
Publisher
To ask the Secretary of State for Trade and Industry, what assessment his Department has made of the effects of (a) a conflict with Iraq, (b) problems in the Venezuelan economy and (c) problems in Nigeria on world oil prices. - Includes figure.
To ask the Secretary of State for Trade and Industry, what assessment his Department has made of the effects of (a) a conflict with Iraq, (b) problems in the Venezuelan economy and (c) problems in Nigeria on world oil prices. - Includes figure.
Asked by
Stephen O'Brien
(Conservative)
Answered by
Brian Wilson
(Labour)
Answering body
Department of Trade and Industry
Type
Written questions
Status
Answered
Tabled on
26 March 2003
For answer on
1 April 2003
Answered on
1 April 2003
Mr. Stephen O'Brien: To ask the Secretary of State for Trade and Industry what assessment his Department has made of the effects of
(a) a conflict with Iraq, (b) problems in the Venezuelan economy and (c) problems in Nigeria on world oil prices. [105678]
Mr. Wilson: From mid-November 2002 to mid- March 2003 oil prices (Brent) rose by around $10 per barrel to over $33 per barrel due to
a range of factors, including: a significant disruption to supplies from Venezuela; low levels of OECD commercial oil stocks,
particularly in the United States and Asia-Pacific; very cold weather in the Northern Hemisphere, particularly the United States;
and market uncertainty about international developments regarding Iraq.
Despite the loss of oil supplies from Iraq and a disruption to supplies from Nigeria, a combination of increased supply from
producers (including a recovery in Venezuelan production), a seasonal fall in world oil demand, and reduced market uncertainty about
developments regarding Iraq has seen oil prices fall to around $25 to $27 per barrel in late March.
Subjects
Armed conflict; Iraq; Economic situation; Oil; Prices; Nigeria; Iraq conflict; Venezuela
Date
1 April 2003
Reference
105678; 402 c624W
House
House of Commons