She said that this year's conditions were partly caused by a move to a negative phase of the North Atlantic Oscillation which would be likely to lead to more frequent cold, drier winters - like the 1960s - and also wetter summers for 10-20 years.

BBC: UK experiences 'weirdest' weather

So, the next phase of North Sea and Atlantic development will respond to oil prices being higher and to a tax regime that encourages small field development.

BBC: Study predicts growth in oil and gas field numbers

But lower demand will be offset by a scheme to phase out single-hull ships on environmental and safety grounds in European and North Atlantic waters.

ECONOMIST: Shipping in the downturn