Scottish crude oil value surges to record level in more than 3 years



In Oil & Gas People today:

‘Oil rose to a level last seen in late 2014 after U.S. crude stockpiles tumbled by the most since September 2016. Futures rose as much as 3.4% in New York on Wednesday. Domestic crude inventories declined by 9.89 MMbl last week, while refiners boosted oil processing rates and exports soared to a record, the Energy Information Administration said. Oil stored at the key pipeline hub in Cushing, Oklahoma, shrank for a sixth straight week. Brent futures for August settlement advanced $1.48 to $77.79 on the London-based ICE Futures Europe exchange. The global benchmark crude was at a $4.86 premium to WTI.’

As you might expect, increased value has triggered increased revenue for the Treasury, increased exploration levels and a return to high levels of employment around Aberdeen:

A fifth prediction of oil rising to $100 per barrel for Scottish oil, suggests pre-tax revenue of around $1 trillion!

A wealthy independent Scotland? Nearly $300 billion in new oil revenue to be unlocked in latest offshore licensing round.

Oil prices to rise to $70 per barrel this summer as two new fields are discovered in last two weeks

Another major oil-find in Scottish sector of North Sea

Multi-million-barrel oil discovery in North Sea

‘Treasure trove’ of new oil and gas exploration data released

As Scottish oil industry booms, Aberdeen contractors more confident but Scottish media pay little attention.

As oil prices soar and exploration increases, employment in Scotland’s oil industry returns to record levels




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