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UK Crude Output Rises For Second-Consecutive Year in 2016

Oil

UK crude oil production in 2016 increased by 27K b/d y-o-y to 877K b/d, data from the Department for Business, Energy & Industrial Strategy shows. This was the second-consecutive year of annual output growth (following a 102K b/d y-o-y rise in 2015), after multiple years in which declining production at mature fields had curbed volumes. However, the International Energy Agency (IEA) forecasts a return to falling UK oil output in 2017 with a projected total of around 980K b/d (including NGLs), down from 1.03M b/d last year.