| Submit your comments on this article |
| Britain |
| UK net oil importer for first time in decade |
| 2004-08-11 |
| Britain became a net importer of oil in June for the first time in 11 years, official data showed on Tuesday. News of the shift came as world crude oil prices touched record highs this week of $41.70 for benchmark Brent crude and $45.04 a barrel for West Texas Intermediate. The US government on Tuesday raised its central price forecast for US oil this quarter by $4 a barrel to $41 a barrel and predicted prices close to $40 a barrel next winter and in 2005. The UK's oil imports were at their highest-ever level in the second quarter, according to data from the Office of National Statistics, a government agency. Meanwhile, oil production peaked in 1999 at 2.8m b/d, and has since been falling as the North Sea's reserves have been depleted. Wood Mackenzie estimates UK oil output at 2.2m b/d, and some forecasters see production declining to about 2m b/d next year. |
| Posted by:Mark Espinola |