The UK’s crude oil loadings remained below 800,000 barrels per day for the third month in a row in February, while authorities expect Britain’s crude production to decline through at least 2024, Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime and Trade at IHS Markit, said.
"In February, the Far East was among the top destinations for UK crude oil, with UK crude flows significantly rising to 265,000 bpd, up from 139,000 bpd in January," Katsoulas said, Oil Price reported.
UK crude flows to northwest Europe and the Mediterranean, on the other hand, dropped significantly, providing more space for China, according to IHS Markit’s analyst.
The UK faces two major headwinds for its crude oil production—the continued uncertainty around Brexit and the possibility of a really disorderly one and a trend of declining oil production through 2024.
Crude oil production in the UK will decline this year to 940,000 bpd from last year’s 980,000 bpd, the Oil and Gas Authority said in a new report, adding that output would continue to decline in the next five years as well, reaching 760,000 bpd in 2024.