FINANCIAL TIMES 🔒| Off the coast of the Scottish town of Invergordon, 25 miles north of Inverness, ghostly silhouettes of idle oil rigs dominate the horizon. The Cromarty Firth, a sheltered stretch of water leading out to the North Sea, became a barometer of the health of the UK’s oil and gas industry after the last oil price crash of 2014, when it turned into something of a rig graveyard. Now the number of rigs stored in the Cromarty Firth is again on the rise as the North Sea battles a dual crisis, the extent of which industry veterans admit they have never seen before. A global slump in oil demand because of the coronavirus pandemic has been compounded by a price war between Russia and Saudi Arabia.
To read full article, click here (subscription required).