Oil price riddle
Arguably, many upbeat announcements from different oil-producing countries throw doubt on this forecast. Moreover, it is highly debatable if Scottish oil reserves will translate automatically into large government revenues.
Won’t the global oil companies, along with countries such as China, South Korea, the United Arab Emirates, expect a considerable share?
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Hide AdPutting Scotland’s oil into perspective, it was reported this week that one Iraq oilfield has reserves equal to all the North Sea. Also, from an oil price viewpoint, it is interesting the oil company pumping out 200,000 barrels a day from this field gets a fee of just $1.39 a barrel.
Ellis Thorpe
Old Chapel Walk
Inverurie