"While it is clear that the challenges [from low oil prices] are severe — and we are doing everything within our devolved powers to support affected workers and businesses — there are still opportunities that Scotland can capture from new discoveries and through our world-class supply chain," Peter John said.
John added that the North Sea had significant oil and gas reserves and the concerted efforts of all the concerned Scottish institutions would be required to cope with the challenges.
The global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting the lowest levels since 2003, mostly because of a prolonged global oversupply and low demand.
Earlier on Tuesday, energy ministers of Russia, Saudi Arabia, Venezuela and Qatar met in Doha and agreed to freeze oil production if other countries followed suit. According to the Russian Energy Ministry, the four countries agreed to keep the average oil output throughout 2016 at the level of January.
