The UK’s crude oil energy supply is forecasted to decline steadily from 2024 to 2028, indicating a persistent downward trend. In 2023, the supply was slightly higher compared to 2024, marking the beginning of this reduction trajectory. Year-on-year percentage decreases from 2024 onwards show a consistent reduction, with the supply forecasted to drop from 46.77 million tonnes in 2024 to 41.68 million tonnes in 2028. The compounded annual growth rate (CAGR) over these five years highlights an average decline, reflecting potential shifts in energy policies or changes in demand.
Future trends to watch for include:
- The impact of UK energy transition policies on crude oil demand.
- Development of renewable energy sources potentially accelerating the decline.
- Global oil market dynamics affecting domestic supply levels.
- Technological advancements in energy efficiency reducing crude oil dependence.
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