HC Deb 05 March 1986 vol 93 cc182-3W
50. Mr. Fisher

asked the Secretary of State for Foreign and Commonwealth Affairs what discussions he has held with Mexico and Venezuela concerning the impact of lower oil prices on their ability to service their overseas debt; and if he will make a statement.

Sir Geoffrey Howe

We have expressed our concern about the instability of the oil market and the impact of falling oil prices on the economies of Mexico and Venezuela in the course of our contacts with their Governments. Although we recognise that cheaper oil should in due course benefit the world economy, its immediate impact on the export earnings of major oil exporting debtors such as Mexico and Venezuela cannot fail to be serious.