North Sea oil industry ‘close to collapse’

This is exactly what was mentioned was going happen when it was said the West was shooting itself in the foot to punish Russia. The neo-Soviets are laughing themselves to the bank because they know they will endure longer as they are more shielded from the repercussions. Their turning to China and Turkey as new customers are evidence enough.

 

The UK’s oil industry is in “crisis” as prices drop, a senior industry leader has told the BBC.

Oil companies and service providers are cutting staff and investment to save money.

Robin Allan, chairman of the independent explorers’ association Brindex, told the BBC that the industry was “close to collapse”.

Almost no new projects in the North Sea are profitable with oil below $60 a barrel, he claims.

‘Everyone is retreating’ Continue reading