The price of oil has hit a 12-year low after Brent Crude plunged below $30 a barrel.

Oil was trading at $29.55 on Friday after falling nearly 75% from a high of $110 in June 2014.

More than 65,000 people have lost their jobs since the slump began in late 2013 and thousands more remain under threat.

Earlier this week, BP and Petrofac separately announced plans to cut hundreds of jobs as the price of oil continued to fall.

Industry body Oil and Gas UK predicted this month that British hydrocarbon production rose 7% in 2015.

Despite forecasting the first rise in production in 15 years, experts warned further industry cuts were likely.

The Scottish Chambers of Commerce recently said the impact of falling oil prices appeared to be "extending beyond those businesses operating directly in the sector".

Figures published on Wednesday showed Scotland's economy grew only slightly over the summer, behind the UK as a whole.