From Aberdeen (IF): Concern continues to grow here about how Europe’s energy capital will be hit by the plunging oil price.

Aberdeen City Council is now arranging a job summit, amid fears thousands of posts could be axed, but fears have been expressed the event could achieve nothing.

Differing views have been voiced by industry leaders as to the size of the problem facing the North Sea. However, much depends on how long the oil price remains at current low levels, as a prolonged slump would be very bad news for the high-cost North Sea.

Aberdeen council leader Jenny Laing has announced plans for the summit to be attended by senior politicians, government officials, industry representatives, trade unions and local politicians.

‘The aim will be to ensure an agreement to develop a strategic plan to ensure job losses are either avoided or kept to a minimum,’ Laing said. ‘It must concern us all that the price of oil has dropped so heavily in such a short space of time and we need to agree a strategy to deal with fluctuations that undermine confidence in the North Sea.’

But there are already fears the conference could be a flop. Conservative leader in Aberdeen Council Ross Thomson said there was confusion among industry and politicians because the summit was announced with ‘no remit, no agenda, no date, no venue, no consultation, no discussion and no invitations’.

He called it a Labour Party press release to grab a headline.