asked the Minister for Finance whether the increase in oil prices and apparent shortage of oil supplies have led to a revision of the growth and employment targets for 1979 and 1980; and, if so, how such revisions affect the budget figures for this year.
Written Answers. - Oil Supplies.
250.
The decision taken last December by the Organisation of Petroleum Exporting Countries to raise their price structure for crude oil this year was of course taken into account in formulating the Government's growth and employment targets for 1979 and in drawing up this year's budget. The impact of the decisions taken or understandings reached privately at the OPEC meeting on 26-27 March or subsequently cannot yet be assessed. It is probable that oil prices will be higher than was assumed when I drew up my budget, but it is not yet possible to estimate by how much. On present indications it appears unlikely that conditions in the oil market will have a significant impact on either growth or employment.