The Netherlands receives the largest amount of crude oil exported from the United Kingdom. However, the figure includes oil for transshipment or in transit to other destinations like Belgium and Germany and not just for inland consumption. Germany imported 2.55 million tonnes of crude oil from the UK in 2023.

Key information about United Kingdom Crude Oil: Imports

• United Kingdom Crude Oil: Imports was reported at 830.306 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 847.893 Barrel/Day th for Dec 2022
• UK Crude Oil: Imports data is updated yearly, averaging 874.595 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 1,127.872 Barrel/Day th in 2004 and a record low of 466.700 Barrel/Day th in 1983
• UK Crude Oil: Imports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Imports

Brent decreased 0.64 USD/BBL or 0.85% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on March of 2025.

Key information about United Kingdom Crude Oil: Production

• United Kingdom Crude Oil: Production was reported at 645.370 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 723.586 Barrel/Day th for Dec 2022
• UK Crude Oil: Production data is updated yearly, averaging 1,139.569 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 2,649.389 Barrel/Day th in 1999 and a record low of 1.583 Barrel/Day th in 1972
• UK Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

UK oil and gas production has diminished over the past decade because old oil fields have matured, and developing new commercially viable sources has become increasingly challenging. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. Oil and gas extracting companies also have reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices. Revenue is expected to expand at a compound annual rate of 3.4% over the five years through 2024-25 to just over £33 billion. This includes a forecast hike of 5.3% in 2024-25; however, profit is slated to inch downward over the year as global oil and gas prices remain somewhat flat in the second half of 2024-25. The industry's performance is greatly affected by world oil and gas prices, with supply cuts put into place by the Organisation of the Petroleum Exporting Countries (OPEC) and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which has been extended until March 2025, with a ramping up period through September 2025. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries threatening a glut in the oil market and a significant dip in global demand (especially from China) have made oil prices tumble sharply since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices hiking up around 10% in the month to October 2024, but remaining relatively low. Oil and gas prices are likely to continue inching downwards in the coming years as America is forecast to continue ramping up the global oil and gas supply. This, along with an expected reduction in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to rise at a compound annual rate of 3.4% over the five years through 2029-30 to just over £39 billion.

As of February 2025, the average annual price of Brent crude oil stood at 77.36 U.S. dollars per barrel. This is some three U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility; such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

Key information about United Kingdom Crude Oil: Exports

• United Kingdom Crude Oil: Exports was reported at 492.498 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 550.993 Barrel/Day th for Dec 2022
• UK Crude Oil: Exports data is updated yearly, averaging 1,048.139 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 1,747.255 Barrel/Day th in 2000 and a record low of 492.498 Barrel/Day th in 2023
• UK Crude Oil: Exports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Exports

Indigenous production of crude oil and natural gas liquids in the United Kingdom amounted to around 7.48 million tons in the third quarter of 2024. This was the lowest figure in the period of consideration. Within the time period, crude oil and natural gas liquids production both peaked in the first quarter of 2010, at 15.8 million and 1.4 million metric tons, respectively.

Forecast: Crude Oil Imports to the UK 2023 - 2027 Discover more data with ReportLinker!

Forecast: Crude Oil Production in the UK 2022 - 2026 Discover more data with ReportLinker!

In 2024, the UK imported 49.7 million tons of crude oil, and exported 31.2 million tons, resulting in a trade deficit of 18.5 million tons of crude oil in this year.

After three years of growth, supplies from abroad of crude petroleum oil decreased by -2.9% to 50M tons in 2023.

United Kingdom BOE Forecast: Brent Crude Oil Price data was reported at 71.000 USD/Barrel in 2021. This records a decrease from the previous number of 74.000 USD/Barrel for 2020. United Kingdom BOE Forecast: Brent Crude Oil Price data is updated yearly, averaging 72.500 USD/Barrel from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 81.000 USD/Barrel in 2018 and a record low of 43.000 USD/Barrel in 2015. United Kingdom BOE Forecast: Brent Crude Oil Price data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.P009: Crude Oil and Gas Prices: Forecast.

Forecast: Crude Oil Energy Supply in the UK 2023 - 2027 Discover more data with ReportLinker!

Forecast: Crude Oil Stock Change in the UK 2024 - 2028 Discover more data with ReportLinker!

Consumption of oil in the United Kingdom has seen an overall decline during the displayed period, falling to 1.33 million barrels per day by 2023. Most oil consumption in the UK is used for transport, especially road transport. However, demand is expected to decline in the following decades. In comparison, the consumption by the aviation sector is set to increase. Imports higher than production Since 2010, the UK’s crude oil production has mostly been in decline, despite recording increases in 2015 and 2016. Production fell in 2020 to 45.7 million metric tons. This was the equivalent of nearly one million barrels per day. In comparison, imports have remained higher than production, only dropping lower in 2016. Projections for production show a gradual decrease to an estimated 17 million Mtoe by 2035. Demand is set to remain steady at approximately 63 million Mtoe. Oil reserves in decline Along with Norway, the UK sectors of the North Sea hold most of the large oil reserves. However, these have been in decline for decades. Between the end of 1995 and the end of 2022, proved reserves fell from over four billion barrels to 1.8 billion barrels.

Crude Oil Rigs in the United Kingdom increased to 8 in February from 7 in January of 2025. This dataset provides - United Kingdom Crude Oil Rigs- actual values, historical data, forecast, chart, statistics, economic calendar and news.