Oil platform section in the North Sea, around 100 miles east of Aberdeen
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North Sea oil industry 'close to collapse'

Falling prices are pushing the UK oil industry close to collapse, according to a senior industry leader.

The price of crude oil has halved since June, and oil companies are cutting staff and investment to save money.

But while the industry suffers - economists are saying cheap oil will benefit the UK as a whole.

John Moylan reports.

  • 18 Dec 2014
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