The UK is currently lacking an average of 500,000 barrels of oil per day.

This figure is comparable to more than 34% of the UK’s consumption requirement (as of 2012).

This is equivalent to an import need of more than $21bn worth of crude based on current Brent spot prices.

For contextual purposes, note that as recently as 2002, the UK was running a $7bn crude surplus.

 

UK_Oil_Prod_Consumption_Trends_1975_to_2010

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