HC Deb 11 July 2000 vol 353 cc474-5W
Mr. Pollard

To ask the Secretary of State for Trade and Industry, pursuant to his answer of 8 June 2000,Official Report, column 298W, on petroleum prices, what recent discussions he has had with the petroleum industry on the supply of petroleum to the United Kingdom market; what assessment he has made of the statement made by OPEC in Vienna on 21 June that the high level of crude oil prices was in part a consequence of market speculation; and if he will make a statement. [129303]

Mrs. Liddell

Officials in my Department meet regularly with Oil Industry representatives. A number of factors are influencing crude oil and product prices at the current time. Market speculation is always one of these.

Mr. Pollard

To ask the Secretary of State for Trade and Industry, pursuant to his answer of 8 June 2000,Official Report, column 298W, on petroleum prices in the United Kingdom, what recent discussions he has had with OPEC regarding increases in production. [129301]

Mrs. Liddell

The Government are not a member of OPEC and have no direct contact with it. Through membership of the International Energy Agency we do, however, engage in and encourage dialogue between groups of oil consuming and oil producing countries on matters of common interest.

Mr. Pollard

To ask the Secretary of State for Trade and Industry, pursuant to his answer of 8 June 2000,Official Report, column 298W, on petroleum prices, what assessment he has made of when the OPEC decision of 21 June, to increase production to above pre-March 1999 levels with effect from 1 July, will be reflected in petroleum prices in the United Kingdom; and if he will make a statement. [129302]

Mrs. Liddell

Petrol prices, which were rising for a variety of reasons not limited to the price of crude oil, are expected to ease soon. The OPEC decision of 21 June has not yet had an impact on crude oil prices and the timing of any reduction remains unclear.