Energy expert Alex Kemp highlighted “subdued global demand” as the main reason why oil prices are so low.
The Aberdeen University petroleum economics professor said western Europe and the US needed less crude than expected.
A weakening of economic growth in China and increased shale oil production in the US, meaning America is less reliant on imports of crude from overseas, is keeping oil supplies on top of demand and lowering prices, he added.
Saudi Arabia’s decision to not cut production is another key factor, he said.
Prof Kemp said the current low prices for oil were despite sanctions against Iran, fighting in Iraq and turmoil in Libya.
Sanctions against Russia may hamper new oil and gas investment in the country but are unlikely to have any impact on global oil supplies for several years, he added.
Prices would have to fall much further to have any significant impact on UK exploration and production, he said.
He added: “North Sea activity levels are sensitive to oil prices and new field developments like Rosbank and Bressay are already on hold.
“But there is no need for anybody to panic here,” he said, adding that prices would have to sink to around $80 per barrel before there would be any significant “reactions”.
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