- Sputnik International
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

Scotland Hopes to Cope With Low Oil Prices Despite Severe Challenges

© AFP 2023 / Andy BuchananSection of the BP ETAP (Eastern Trough Area Project) oil platform in the North Sea, around 100 miles east of Aberdeen, Scotland. (File)
Section of the BP ETAP (Eastern Trough Area Project) oil platform in the North Sea, around 100 miles east of Aberdeen, Scotland. (File) - Sputnik International
Subscribe
Scotland hopes to cope with the negative effects of low oil prices.

Oil production. - Sputnik International
Deal on Freezing Oil Output Not to Reduce Global Crude Oversupply
MOSCOW (Sputnik) — Scotland intends to do its best to cope with the negative effects of low oil prices, despite challenges posed by the landslide of prices, a Scottish government spokesman told Sputnik on Tuesday.

"While it is clear that the challenges [from low oil prices] are severe — and we are doing everything within our devolved powers to support affected workers and businesses — there are still opportunities that Scotland can capture from new discoveries and through our world-class supply chain," Peter John said.

John added that the North Sea had significant oil and gas reserves and the concerted efforts of all the concerned Scottish institutions would be required to cope with the challenges.

The global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting the lowest levels since 2003, mostly because of a prolonged global oversupply and low demand.

Earlier on Tuesday, energy ministers of Russia, Saudi Arabia, Venezuela and Qatar met in Doha and agreed to freeze oil production if other countries followed suit. According to the Russian Energy Ministry, the four countries agreed to keep the average oil output throughout 2016 at the level of January.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала