Standard Chartered last week warned of oil at $10 a barrel. What impact would that have on North Sea oil,the consumer and the UK economy?Up to 65000 jobs have already been lost from the British offshore oil industry since the cost of crude fell from a peak of $115 per barrel in June 2014 to its latest level of $30. A further decline to $10 would clearly turn a cull into a massacre, not least because the North Sea is a tall-cost position to function, and with the break-even price for many fields around $60. Related: Saudi Aramco – the $10tn mystery at the heart of the Gulf state Related: Spend,spend, spend it’s what the chancellor is praying for Continue reading...
Source: theguardian.com