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5500 jobs lost in British oil industry

The sliding oil price has especially hit operators in the North Sea, who were already working with the highest operating costs in the sector, according to a new British authority.

More than 5,500 jobs in the British in the British oil and gas sector have disappeared in the past year due to the falling oil price, according to numbers published by the UK's newly established Oil and Gas Authority (OGA), reports Reuters.

The decline in the oil price, down close to 55 percent for Brent since June 2014, has hit the North Sea activities particularly hard, a region operating with the highest costs in the international oil and gas industry before the price began its drastic descent.

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