The UK's crude oil production is forecasted to decline steadily from 507.91 TWh in 2024 to 460.74 TWh in 2028. Compared to 2023, the production showcased a slight reduction as the trend moved into a decreasing trajectory starting in 2024.
Year-on-year, the production is expected to decrease by approximately 2.4% each year. Over the five-year period from 2024 to 2028, the compound annual growth rate (CAGR) reflects a negative trend as the industry experiences a consistent decline.
Looking ahead, factors to watch include technological improvements, policy changes, and market shifts toward renewable energy sources, potentially influencing production levels and strategy in the UK's crude oil sector.
