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 Dennis Skinner Dennis Skinner Member, Labour Party National Executive Committee 12:00 am, 9th May 1983

Is not the reason why the price has been held at the present level and why the Secretary of State got involved in the OPEC talk before the decision was made not substantially to lower the price—quite apart from allowing market forces to operate—that great problems would arise in Mexico, Venezuela and Nigeria, which are heavily in debt to the tune of more than $120 billion, and therefore great difficulties would arise for the international banking system?