§ Mr. Skeetasked the Secretary of State for Energy whether he will give the British National Oil Corporation a special directive to reduce the price of $39.25 posted for 51W North Sea Oil more accurately to reflect market conditions, and to give a lead to Nigerian and North African producers.
§ Mr. GrayBNOC's oil prices are a matter for commercial negotiation between the corporation and the oil companies. Much of the corporation's oil is bought under participation agreements which give producers a contractual right to the market price for the oil sold to BNOC. At the present time there is no evidence that term market prices for comparable crudes have changed.