In 2023, the UK's crude oil imports stood at an approximate 44.59 Mtoe. The forecast shows a gradual year-on-year decrease from 2024, with imports expected to drop from 44.35 Mtoe in 2024 to 43.4 Mtoe by 2028. This represents a decline of 0.54% in 2025, 0.54% in 2026, 0.55% in 2027, and 0.53% in 2028. The compound annual growth rate (CAGR) over this five-year period is projected to be -0.53%. These figures suggest a consistent, albeit slight, decrease in crude oil imports.
Future trends to watch include potential shifts in energy policy, advancements in renewable energy adoption, and the impact of geopolitical factors, all of which could influence oil import levels. Additionally, efforts to increase energy independence and efficiency could further reduce reliance on imported crude oil over the long term.
