In 2023, the UK crude oil extraction sector had approximately 12.5 thousand employees. The forecast from 2024 to 2028 suggests a year-on-year decrease in employment. From 2024 to 2025, there is a 1.30% decline, followed by a 1.23% drop from 2025 to 2026. The trend continues with a 1.25% reduction from 2026 to 2027, and finally, a 1.18% fall from 2027 to 2028. Over these five years, the sector is projected to experience a Compound Annual Growth Rate (CAGR) of approximately -1.27%, indicating a steady contraction in workforce numbers.
Future trends to watch for:
- Technological advancements replacing manual jobs.
- Shifts towards renewable energy impacting employment demand.
- Potential regulatory changes affecting operational dynamics.
- Global oil market fluctuations influencing sector stability.
