The price of North Sea oil has slid southwards, with Brent crude today falling below $35 a barrel for the first time in 11 years.
Brent crude sank by 4.2% to $34.88-barrel, surpassing its late December fall, and taking the price to its lowest level since 1 July 2004.
The price of US crude dropped 3.3% to $34.77-barrel.
Analysts said the economic fall-out from the de facto ‘cold war’ between Saudi Arabia and Iran over recent executions of faith leaders was spooking the market as it makes any co-operation between the two producers over cutting supply unlikely.
Scottish Energy News 30 December 2015:
Saudi king raises domestic taxes to fund war-chest in oil price battle with US shale producers
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