UK announces help for struggling North Sea oil industry

British Prime Minister David Cameron is to visit the oil city of Aberdeen, pictured, and meet industry bosses for talks on the hard hit oil industry in northeast ScotlanBritain announced Thursday a £250 million (325 million euro, $350 million dollar) package of funding to boost the oil industry in northeast Scotland, which has been hit hard by slumping prices. At the same time, Prime Minister David Cameron is to visit the oil city of Aberdeen and meet industry bosses for talks on the current situation. Global oil prices fell by more than 30 percent in 2015 and have dropped by another 20 percent this year amid increasing production and weaker demand.

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