In the Granite City, they are used to swings in the oil price — but nothing could prepare them for the bloodbath of recent times. On one day last week, it fell 24% to a level last seen in 2002, sinking to $20.37 a barrel. In Aberdeen, the home of the UK’s oil and gas industry, workers have been sent home or put on short-term working, and companies that exploit the North Sea basin have cut spending. Ross Dornan, head of market intelligence at Oil & Gas UK, the trade body, said with North Sea oil producers requiring a break-even price of about $40, the companies were haemorrhaging cash.
Times 22nd March 2020 read more »