§ Mr. PollardTo ask the Secretary of State for Trade and Industry what estimate he has made of when the OPEC member countries' decision to restore their298W production to pre-March 1999 levels will be reflected in petroleum prices in the United Kingdom; and if he will make a statement. [124205]
§ Mrs. LiddellOPEC production increases, agreed in March 2000, led to a significant fall in crude oil prices, which has subsequently been reversed due to low stock levels and high product demand.
In recent months, historically low product stocks and significant European refinery maintenance have reduced the supply of petroleum to the market, putting pressure on prices.