Companies believe the industry is on the brink of recovery and Opec will agree to cut output

North Sea oil firms are still laying off staff and slashing pay amid low oil prices but the industry is beginning to see light at the end of the tunnel, according to an annual survey.

The note of cautious optimism came as oil prices rose slightly on Monday on raised hopes that this week’s meeting of Opec oil producing countries will yield an agreement to cut output.

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