• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

U.S. Crude Oil, Gasoline Inventories Boom

Editorial Dept

Editorial Dept

More Info

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…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News