That’s the third increase in as many weeks, above the $60pb rate. Remember it only costs $15pb to extract the oil. According to Bloomberg yesterday, China raised its import quota by 1.1 million barrels per day pushing the price for crude up to a record high this year. This 63% increase in one year is evidence of the forthcoming shortages already predicted and reported here:
That 1.1 million barrels per day is more than OPEC member Algeria’s total output. Britain produces around 1.4 million barrels of oil equivalent per day (gas and oil) of which only around 60% is oil. We already know that Chinese-owned Nexen have drilled an exploration well west of Shetland. Nexen, which is owned by China National Offshore Oil Corporation claims to have serious growth plans. See:
I’ve already reported on the fast-growing demand in Asia for heavy-grade North Sea oil which has caused record flows of oil tankers this year. In April 2017 alone, North Sea tankers took more than 16 million barrels to Asia. Once more the income will be flooding into the UK Treasury.