Though it would have to emerge under different oil market conditions, the Scottish government said a second referendum on independence is on the table.

"A second independence referendum is clearly an option that requires to be on the table, and it is very much on the table," Scottish First Minister Nicola Sturgeon said in a statement Saturday.

More than half of the voters taking part in the first Scottish referendum for independence from the United Kingdom said no in September 2014. The ruling Scottish National Party said those behind the "no" campaign failed to keep their promise to offer more power to the government in Edinburgh.

At the time, the Scottish government said it could draw on oil and gas revenue from the North Sea to support an independent economy powered by renewable energy resources. Speaking in 2014, Howard Archer, chief economist for the United Kingdom at IHS Global Insight, told UPI "a vote for independence would have likely resulted in a substantial near-term hit to the Scottish economy."

The majority of the British voters taking part in a referendum on membership in the European Union last week voted in favor of leaving the bloc. Stock markets collapsed in the wake of a decision scrutinized by major world economists.

A statement from the Group of Seven major economies Friday said they would ensure markets were in order to prevent financial instability after the vote. The Dow Jones Industrial Average and S&P 500 index both lost all of their gains for the year in Friday trading in the wake of the British vote to leave the EU.

Crude oil prices are about 50 percent below what they were in the wake of the Scottish vote for independence two years ago. Thousands of jobs have been lost to lower oil prices in the British oil and gas sector so far this year. In the wake of the vote, British energy company BP said it's "far too early" to outline what happens next.

Scotland does not count oil and gas exports in its economic data, though gross domestic product grew 0.1 percent during the third quarter of 2015.

Sturgeon said she'd set up an advisory panel to advise how best to move ahead with a possible second referendum for an independent Scotland nevertheless.

"As Westminster is engulfed in political turmoil and as a vacuum of leadership develops, I want to make clear that Scotland is led by a stable and effective government," she said. "We are focused on making sure that Scotland's interests are protected but we are also determined to continue our work to further improve our schools, our hospitals and our economy."