• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 9 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 56 mins Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 31 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 12 hours Apology Accepted!
  • 4 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 14 hours U.S. natural gas at major disadvantage in Europe and China.
  • 15 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 3 hours Why Oil could hit $100
  • 3 hours The Political Genius of Donald Trump
  • 15 hours Putin Paid Militants to Kill US Troops
  • 20 hours CoVid in Spain, 9 months before China
  • 20 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 20 hours The world is headed for big problems - interview with very smart economist

Breaking News:

OPEC Production Falls To Three Decade Low

What Does Brexit Mean For UK Oil & Gas?

The London stock market, the British pound and the European populace, in general, were buoyed by rumors emerging about London and Brussels closing in on a comprehensive Brexit deal that would allow the UK to leave the European Union on October 31, one hour before midnight. Brexit’s impact on the oil sector is yet to be assessed properly, but so far it seems that the ramifications would only be relatively minor – some trading companies might want to relocate to Geneva, following the footsteps of several investment banks which have downsized their London presence. Yet the British oil industry might indirectly suffer, too, leaving the UK with terminally decreasing oil and gas production volumes.

Let’s assume that Boris Johnson clinches a deal with the European Commission, has the Brexit deal approved by the Parliament and the Conservative Party remains in power. This presupposes no drastic policy changes and no tinkering with the oil tax code. If so, Britain’s oil industry has a relatively stable decade ahead of it, having bounced back in 2018 to an average production of 1MMbpd, a level unseen since 2011. Having peaked at 2.9MMbpd in 1999, the UK oil production was assumed to enter a period of precipitated decline, especially so when its annual output started to plummet by some 0.2MMbpd per year in 2009-2011. It bottomed out in 2014 at 0.85MMbpd and thanks to a general oil price recovery and a rather successful cost-efficiency drive managed to get…




Oilprice - The No. 1 Source for Oil & Energy News