Oil slump continues to hit Aberdeen hotel trade
Aberdeen marked the 15 month of decline in hotel occupancy rates as the crash in oil and gas prices continued to take its toll on the local hospitality industry.
oil slump
Petrobras posts record loss as crisis deepens
Brazil's state-controlled oil company Petrobras has posted its biggest-ever quarterly loss after booking a large writedown for oil fields and other assets as oil prices slumped and refinery projects faltered.
Further jobs to go at Shetland airport due to oil slump
Another 17 jobs are to go at Scatsta Airport due to a sharp reduction in offshore activity in the wake of falling global oil prices.
Oil slump seen delaying $380billion worth of developments
Oil’s collapse has delayed $380billion worth of investment on 68 major upstream projects, according to industry consultant Wood Mackenzie Ltd.
Aberdeen property market feeling effect of oil slump
High value homes in the north east of Scotland are proving harder to shift with an increasing number coming on the market at lower prices than before, according to property experts.
Repsol drilling delay adds to chill on Alaska shore
A restructuring of Repsol's Alaska drilling project is adding to the state’s woes in the midst of the biggest oil slump since 2009.
Energy Secretary Amber Rudd fails to mention oil slump
Energy Secretary Amber Rudd failed to address the plight of the offshore industry in her main speech to the Tory party conference.
Hundreds apply for single vacancy as oil slump hits wages
North Sea oil and gas workers are feeling impact of the low oil price which has hit wages and left many chasing jobs, according to recruitment specialists in Aberdeen.
Houston’s filet mignon special shows oil slump is no problem
Thirty years ago, times were so tough in Houston that Steve Zimmerman introduced the Oil Barrel Special, a three-course lunch tied to the plummeting price of crude. He revived the special at his restaurant Cinq in January, in the midst of another precipitous decline, but there haven’t been many takers, about 10 a week compared with the 70 a day who used to queue for the chance to enjoy filet mignon for a steal. Houston -- known in some parts of town as the Energy Capital of the World -- has been doing just fine in this oil bust. “In the 1980s, there was a major crisis,” said Zimmerman, who’s owned the La Colombe d’Or hotel, where the special is now a dinner option at Cinq, for 35 years. “This is just a blip.” Houston, the fourth-largest city in the U.S., was slammed by the ’80s crash, when oil took a 67 percent nosedive in four months. Banks failed, shopping malls emptied out and foreclosures shot up. Tax revenue shriveled and the city fired dozens of sanitation workers, which led to a strike that completely halted trash pickup. Back then, 87 percent of all so-called base-employment jobs were tied to the oil and gas industry, while as of 2010 fewer than half were, according to an analysis by the University of Houston. That explains why Mayor Annise Parker in a recent speech called the 59 percent price-drop of 2014 and 2015 “just a pothole in the road.”