UK Set to Become Net Crude Exporter

For all the talk of aging oil fields and shrinking production, the U.K. is about to achieve a surprising feat: it’s on the brink of becoming a net crude oil exporter for the first time in 14 years. To put the milestone into context, it’s one of the key criteria for joining OPEC.A handful of new projects in the North Sea that will come on stream this year will lift the nation’s crude output above 1 million barrels a day, according to JBC Energy GmbH, a Vienna-based forecaster. On a net trade basis, that will soon allow overseas sales to overtake imports, the researcher said, without specifying by how much, or when.

Source: Make Room OPEC: U.K. Is Set to Become Net Crude Oil Exporter – Bloomberg

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam