OPEC (Price Fixing)

Part of Oral Answers to Questions — Energy – in the House of Commons at 12:00 am on 9th May 1983.

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Photo of Mr Nigel Lawson Mr Nigel Lawson Secretary of State for Energy 12:00 am, 9th May 1983

I will willingly review the history of the past 10 years. If OPEC were an effective cartel in the way my hon. Friend imagines it to be, the price of OPEC oil would not have gone down from $34 to $29 earlier this year, which was in response to market forces. It was not an act of charity on the part of the members of OPEC.