North Sea industry ‘on brink of collapse’ as oil price plunges

The North Sea oil industry is close to collapse due to the plunging price of crude, executives warned yesterday.

Producers say thousands of jobs are at risk, wages are being cut and fields are becoming uneconomic after the price of Brent crude – the benchmark for oil purchases worldwide – almost halved in six months.

With further falls expected, Robin Allan, chairman of the independent explorers’ association Brindex, said the North Sea industry was being pushed to the brink of collapse…