Oil: Prices

Foreign and Commonwealth Office written question – answered on 18th March 2020.

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Photo of Luke Evans Luke Evans Conservative, Bosworth

To ask the Secretary of State for Foreign and Commonwealth Affairs, what discussions he has had with his counterparts in OPEC member states on ensuring the stabilisation of the oil price.

Photo of Nigel Adams Nigel Adams Minister of State (Foreign and Commonwealth Office) (Joint with the Department for International Development)

Her Majesty's Government closely monitors the oil market, and assesses its implications for the economy, businesses, and wider geopolitics. This includes the impact of the reduction in oil demand as a result of Coronavirus; the failure of the Organization of the Petroleum Exporting Countries (OPEC) + meeting on 5-6 March to reach an agreement on supply cuts; and Saudi Arabia's subsequent decision to increase oil production and reduce prices. No ministerial level discussions have taken place with OPEC members on the oil market since the OPEC+ meeting.

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