The oil collapse in the North Sea has negatively affected the Scottish public spending deficit, which stood at £14.8 billion in the last financial year.
Royal Dutch Shell believes that the demand for oil could reach its peak in the next five years.
Oil prices fell again on Monday on news of the restart of the UK North Sea’s Buzzard oil field and Iraq’s decision not to take part in OPEC’s planned production cuts.
Despite OPEC’s announced oil output cut to control the supply glut, Iraq could be raising its oil production for the rest of the year and in 2017.
Despite the impeding agreement by the Organisation of Petroleum Countries (OPEC) to decrease crude production, analysts are maintaining their expectations low regarding the evolution of crude oil prices.
Crude oil prices jumped sharply on Wednesday after the Organisation of Petroleum Exporting Countries (OPEC) agreed to limit oil production.
A report issued today by Oil & Gas UK calls out for the new of fresh investment in the UK Continental Shelf (UKCS) to maintain its competitive environment.