HC Deb 26 February 1971 vol 812 cc285-7W
Mr. Pounder

asked the Secretary of State for Foreign and Commonwealth Affairs if he will make a statement on the recent settlement between the internatonal oil companies and the member States of the Organisation of Petroleum Exporting Countries.

Sir Alec Douglas-Home

Her Majesty's Government have taken note of the settlement reached between the two sides in Tehran on 14th February. The Government have also noted the public statements made by His Imperial Majesty The Shah of Iran during the negotiations concerning the readiness of the Persian Gulf members of the Organisation of Petroleum Exporting Countries to sign a 5-year agreement and to eschew price "leap-frogging" as between the Persian Gulf and other areas. They are glad to learn that assurances to this effect are included in the terms of the Tehran agreement. While Her Majesty's Government recognise the legitimate rights and needs of the oil-producing countries, I take this opportunity to emphasise that the maintenance of supplies of oil at reasonable and stable prices is also important to the economies of all consumer States, including a great many developing countries.