HL Deb 21 April 1986 vol 473 cc1065-6WA
Lord St. John of Bletso

asked Her Majesty's Government:

Whether they will ensure that US anti-trust legislation does not prevent the North Sea oil industry from implementing voluntary production cuts, and whether they do not now consider it to be in the national interest to institute multilateral discussions on how best to stabilise the oil markets.

Lord Gray of Contin

Oil prices are determined by the market. Her Majesty's Government believe formal dialogue between producers and consumers could raise false expectations and possibly destabilise the market further. Producing companies on the UKCS remain free to determine production levels, subject only to agreed technical limits. HMG would not accept that the activities of UK companies engaged in the development of UK resources could fall within US jurisdiction.