The British energy sector should brace for more staff reductions as companies take steps to endure the weak crude oil market, industry body Oil & Gas U.K. said. The industry’s lobbying group in its annual report said new spending in exploration and production is expected to fall by up to $6 billion per year over the next three years for its lowest levels since the 1970s. “This great industry of ours is facing very challenging times,” the group’s chief executive, Deirdre Michie, said in a statement. Michie’s group in an early 2015 report said the market outlook was “bleak.” The government’s overseer, British Oil and Gas Authority, this week called on companies to consider “all possible alternatives” to layoffs. Job losses in the […]