§ Mr. Eldon Griffithsasked the Secretary of State for Foreign and Commonwealth Affairs if, at the EEC summit conference, Heads of Government agreed explicitly that all Community members will pay an agreed minimum price for British oil regardless of alterations in the world price of oil; for what period of time this commitment is to run; how the minimum price is to be established; and if he will give an assurance that this price in all circumstances will be higher than the overall costs of production in the North Sea.
§ Mr. EnnalsIn Rome the EEC Heads of Government agreed in principle to Community arrangements for ensuring a minimum safeguard price (MSP) for oil, as explained by my right hon. Friend the Prime Minister on 4th December. This would provide a guaranteed price for British oil if the world price of oil fell below the MSP level. We are now considering with our partners in Brussels the details of the mechanism to implement the agreement, including such matters as the level of the price and the duration of the scheme.