The Energy (Oil and Gas) Profits Levy (Energy Security Investment Mechanism) Regulations 2024
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2 Meaning of the average price of oil
(1) For the purposes of section 17A(1)(a) of the 2022 Act, the average price of oil in United States dollars per barrel over a reference period is to be calculated using the following formula, and rounded to two decimal places on an arithmetical basis— A 6 where, “A” is the sum of the World Bank oil price for each month of the reference period. (2) In this regulation, “World Bank oil price” means the monthly price in United States dollars per barrel of Brent Crude oil published by the World Bank in the monthly prices report entitled “World Bank Commodity Price Data (The Pink Sheet)” under the series description “Crude oil, UK Brent 38’ API”.
2 Meaning of the average price of oil
(1) For the purposes of section 17A(1)(a) of the 2022 Act, the average price of oil in United States dollars per barrel over a reference period is to be calculated using the following formula, and rounded to two decimal places on an arithmetical basis— A 6 where, “A” is the sum of the World Bank oil price for each month of the reference period. (2) In this regulation, “World Bank oil price” means the monthly price in United States dollars per barrel of Brent Crude oil published by the World Bank in the monthly prices report entitled “World Bank Commodity Price Data (The Pink Sheet)” under the series description “Crude oil, UK Brent 38’ API”.
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