asked the Secretary of State for Energy what is his policy towards the effect on the oil price of the disproportionate influence of the spot markets on crude oil prices, as opposed to the restraint exercised by the Saudi Arabian price for market crude; and if he will raise the matter at the next meeting of the EEC Council of Ministers.
I am concerned about the very high prices being charged for a number of transactions on the international oil market. My hon. Friend will recall that, at the Tokyo Summit, heads of Governments gave a commitment to urge oil companies and oil exporting countries to moderate spot market transactions. Her Majesty's Government continue to support that commitment, and I wrote to United Kingdom oil importers drawing their attention to the importance of exercising restraint on the spot market. I would expect developments generally in the oil market to be discussed at the next Council meeting.