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.
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