HL Deb 23 October 1990 vol 522 cc1325-6WA
Lord Hylton

asked Her Majesty's Government:

Whether they will consult with other member states of the European community with a view to achieving the pricing of oil produced within the Community and its off-shore areas in national currencies or ecu and not in dollars.

Lord Cavendish of Furness

No. Crude oil is traded in a competitive, highly integrated international market. I can see no advantage in trying to alter the currency in which a relatively small part of the market operates.