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Woodmac: North Sea oil can handle crisis – for the moment

The North Sea can survive the current crisis in the short term. But in the longer run, it will take investments, otherwise it is all over, according to Woodmac analyst Naivan Boroujerdi.

Photo: Magnus Holm/Politiken/Ritzau Scanpix

Oil prices have fallen to their lowest level since 2003, and in recent days, huge oil companies like Total, Shell and Equinor have been lining up to announce cuts to their investment budgets.

Both the spread of the coronavirus and the dispute between major oil nations Russia and Saudi Arabia have created high uncertainty in the industry and made prices bottom out. For instance, Brent's price was more than twice as high at the turn of the year.

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