Forecast: Number of Persons Employed in Crude Oil Extraction Sector in the UK

As of 2023, the crude oil extraction sector in the UK employed approximately 12.42 thousand individuals. From 2024 to 2028, employment is forecasted to decline gradually from 12.27 to 11.65 thousand employees. This represents an average yearly decrease of about 1.3%. The year-on-year decline highlights the sector's reduction in workforce needs, with a compounded annual growth rate (CAGR) reflecting consistent downsizing over the five-year period.

Future trends to watch include:

  • Technological advancements in automation potentially further reducing workforce demand.
  • Shifts in regulatory policies affecting the crude oil sector, influencing employment levels.
  • The transition towards renewable energy sources and its impact on the traditional oil extraction workforce.

Top Countries about Oil Extraction