Originally Posted by
SASless
The way oil prices are going....it is going to be the Oil and Gas Industry that pulls the plug along with its contractors dying on the vine.
When the Russians and Saudi's team up....they make a pretty mean competitor.
SAS,
Even the BBC agree with that!
https://www.bbc.com/news/uk-scotland-51948269The North Sea oil and gas sector is in a "paper thin" position with oil prices tumbling, the industry has warned.
The supply chain in particular is at risk with cash flows already tight following the 2016 downturn.
Coronavirus and increased supply have led to a "perfect storm", according to Oil and Gas UK (OGUK)
The UK government has pledged to support all businesses during the pandemic and said it was in close contact with OGUK.
The industry wants urgent engagement from ministers so that businesses can access finance.
A decision by the oil-producing cartel OPEC to increase production has pushed prices to below $30 a barrel.
That means companies are beginning to row back on investments which are vital to the supply chain.