Low Oil Prices
Two years of depressed world crude prices will see more than 120,000 jobs lost in UK oil and gas by the end of this year, according to an industry body.
That will mean a more-than 25 per cent shrinkage of employment in the industry since the oil price hit rock bottom at the start of 2015. Oil and Gas UK has found that of 450,000 jobs in the sector at the end of 2014, around 84,000 were lost last year, and by the end of this year a further 40,000 will have gone.
The research comes as companies involved in North Sea oil exploration, extraction and refining are being forced into dramatic cuts in an effort to drive down costs since the price of oil plummeted from its peak of around $115 in 2015.