§ Mr. Patrick McNair-Wilsonasked the Secretary of State for Energy if he will make a statement about the meeting of International Energy Ministers on 10 December.
§ Mr. David HowellThe governing board of the International Energy Agency met at ministerial level on 10 December under the chairmanship of the Federal German Minister of Economics, Count Lambsdorff. I represented the United Kingdom.
The governing board concentrated on the very difficult international oil situation. It recognised that continuing uncertainties about oil supplies posed a severe threat to the health of the world economy and particularly to the developing countries. Ministers reaffirmed their determination to continue strongly with the medium and long-term policies needed to bring about a substantial reduction in the dependence of IEA countries on imported oil. They urged the oil producing countries for their part to pursue policies which would contribute to stabilisation of the world's oil market and they stressed the need for a common approach to the world's energy problems by producing and consuming countries, both developed and developing.
The member countries of the International Energy Agency agreed to limits on their oil imports in 1980 and goals for their oil imports in 1985. For the United Kingdom the figures are 12 million tonnes of net imports in 1980 and—5 million tonnes in 1985. The performance of each country against its objectives will be monitored on a quarterly basis by the official governing board. To begin the 33W process of monitoring Ministers will meet again in the first quarter of 1980. They will review all aspects of the situation including adjustment of the 1980 oil import ceilings to the extent which proves necessary on the basis of oil supply and demand developments. The official governing board will prepare plans to deal with this and other situations which may arise in the coming months.
The governing board recognised the importance of developing effective policies on stocks and the changing structure of the oil market. It commissioned further work to this end. I am placing a copy of the governing board's communique in the Library of the House.