EU Sanctions (Iran) Debate
Full Debate: Read Full DebateDepartment: Foreign, Commonwealth & Development Office
Richard Ottaway
Main Page: Richard Ottaway (Conservative - Croydon South)Department Debates - View all Richard Ottaway's debates with the Foreign, Commonwealth & Development Office
(13 years ago)
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Mr Speaker
Order. Accommodating the level of interest in this matter will require brevity, which will be exemplified, I am sure, by the Chairman of the Foreign Affairs Committee.
Richard Ottaway (Croydon South) (Con)
I welcome the Foreign Secretary’s approach. The challenge is how to tighten our grip on the Iranian economy without damaging our own. Has he received assurances from other oil producers, such as Saudi Arabia, that they can up production to replace the oil that will not be coming to Europe?
Mr Hague
No. It is a matter for each country to decide whether to change its oil production. This and many other factors affect the oil market. The price of oil is very similar today to what it has been over the past few months. Yesterday, the main benchmark price was $110 per barrel. That is a couple of dollars different from the price in December, which covers the period in which the discussion about sanctions and the strait of Hormuz has been going on. Many other factors affect the oil market. Some countries are increasing their oil production anyway. Iraq is planning huge increases in oil production and some Libyan oil production is coming back on stream. There are many forces at work, both positive and negative, in the oil market. We should not, therefore, exaggerate the effect of this measure.