The forecast for the UK crude oil production from 2024 to 2028 indicates a steady decline. In 2023, production stood at 44.7 million tonnes of oil equivalent (estimated). Compared to 2023, the year-on-year decreases are expected: 2.3% in 2024, followed by 2.4% in 2025, 2.5% in 2026, 2.4% in 2027, and 2.5% in 2028. The compound annual growth rate (CAGR) from 2024 to 2028 shows a decline of approximately 2.4% annually.
Future trends to watch for include:
- Government energy policies influencing domestic production
- Technological advancements in oil extraction
- Global oil price fluctuations affecting investment in UK oil fields
- The shift towards renewable energy sources impacting long-term oil demand
