§ Mr. Skeetasked the Secretary of State for Energy if he will make a statement on the minimum safeguard price for oil.
§ Mr. BennAs I announced on 10th March, agreement was reached in the International Energy Agency earlier this year on a long-term co-operation programme which includes provision that member States will ensure that imported oil is not sold in their domestic markets below a "minimum safeguard price" corresponding to $7 per barrel fob. Detailed arrangements for implementing the IEA agreement are under discussion. Parallel arrangements are being discussed in the EEC.—[Vol. 907, c.216–8].