The Scotsman cartoon: Oil industry ‘crisis’

The UK’s oil industry is “close to collapse” but the falling oil price could have a net benefit to the UK economy, according to experts.

By The Newsroom

Published 28th Feb 2019, 14:03 GMT

Robin Allan, chairman of the independent explorers’ association Brindex, said it is “almost impossible to make money” with the oil price below 60 US dollars (£38) a barrel and there will be no new investments.

But accountants PricewaterhouseCoopers (PwC) said the falling oil price “should be a net benefit to our economy as a whole, even if there is some losers in the UK oil and gas sector and in particular places like Aberdeen”.

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