Originally Posted by
Arcanum
If Saudi were no longer pumping oil, we'd lose about 12% of the worlds oil production capacity.
If Saudi, Kuwait, UAE, Iraq and Iran were no longer pumping oil then about 35% of the world's oil production capacity would disappear.
So we might have an interest as Brent crude would not be trading at ~$50/barrel!
Also, the UK oil is primarily bought on the 'spot market' and as such we do not have supply guarantees whatever the price!!!
PZU - Out of Africa (Retired)