See this from Energy Voice yesterday and remember what the Aramco chief said the day before:
‘Halliburton expects that the worst crude crash in a generation will lead to a spike in oil prices by 2020. Tumbling oil prices brought on by a glut of global oil has forced the industry to slash about $2 trillion in investments, according to the world’s biggest fracking provider. Those cuts will weigh heavily on the market in a few years when oil supplies fail to keep up with demand. Sooner or later, the market is going to catch up.’
It looks like the industry hit rock bottom in 2016 and is climbing fast as massive shortages loom. Scotland’s newly discovered billions of barrels, west of Shetland and the recovery of previously difficult to extract North Sea oil using newer technologies will put us in a good position to maximise revenues. Please let them be going to a Scottish Treasury before too long.