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Oil Prices

Volume 974: debated on Monday 26 November 1979

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asked the Secretary of State for Energy if he will make a statement on his Department's submissions to the EEC on the operations of the spot market for oil.

I support the moves made by the EEC towards developing a better understanding of how the spot market works and of the price levels of oil traded internationally. I will consider carefully with EEC colleagues whether genuine improvements in the spot market mechanism can be made. In accordance with the agreement reached at the Tokyo summit last July, I have urged United Kingdom oil importers to moderate their spot market transactions.