Friday, June 9, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Market

Prioritize UK energy production to protect consumers from sanction supply shocks

10 months ago
in Market
Prioritize UK energy production to protect consumers from sanction supply shocks
Share on FacebookShare on Twitter


The leading representative body for the UK offshore energy industry has urged government to prioritize the domestic production of energy. It comes after a House of Commons briefing showed that in June 2022, the UK imported no oil, gas or coal imports from Russia. It said that, according to UK trade statistics this was “the third month in a row with no Russian gas imports, but the first month (since 2000 when this data is available back to) with no gas, oil or coal imports from Russia.”

Offshore Energies UK warned that global efforts to remove Russia’s oil and gas will cause supply and therefore price implications for years to come,  repeating its calls for a long term energy strategy which recognizes today, 85% of UK households rely on gas for heating.

The House of Commons briefing also comes as figures show the UK’s trade deficit reached its highest level as a share of GDP since records began. This is caused in part because the UK imports much more oil and gas than it exports.
The production of oil and gas in UK waters continues to decline, with industry now meeting half of domestic gas needs and the equivalent of more than 80% of oil.

Commenting, OEUK Energy Policy Manager Will Webster said:

“Consumers are all too aware of the impact cutting Russian supplies has had on the global price of oil and gas, and the reality is these effects will be here to stay for at least the medium term.

“This is why the UK must prioritize energy produced here. Today gas heats 85% of UK homes so in the short and medium-term, governments must support oil and gas in UK waters and carefully manage already declining production levels.  At the same time, these same companies are also building the energy system of the future including expanding renewables to meet more of the UK’s electricity needs, while also developing hydrogen and carbon capture which could play a role in domestic heating and industrial power.

“We are seeing the reality of how complicated the transition to a lower carbon energy future will be, with a clear need to manage supply and demand as a whole and not in isolation. The transition is a necessity, which is why we continue to emphasize the need for consensus on a long term and comprehensive energy strategy which prioritizes production of energy in the UK and accelerates the transition for industries and consumers.”





www.worldoil.com

Latest Oil News

UK set to introduce floor for oil and gas windfall tax

UK set to introduce floor for oil and gas windfall tax

June 9, 2023
Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023
UK watchdog bans Shell, Repsol and Petronas greenwashing ads

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023
Opec+ is not on board with Saudi’s ‘whatever it takes’ message

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023
Tags: consumersEnergyOffshoreprioritizeproductionprotectsanctionshockssupply
Previous Post

7 Stocks Analysts Love for Their 20% Upside Potential

Next Post

Saudi Aramco: vast scale of NOCs diminishes supermajors to bit players

Related Posts

UK set to introduce floor for oil and gas windfall tax

UK set to introduce floor for oil and gas windfall tax

by Oil Market News
June 9, 2023
0

Britain’s windfall tax on oil and gas producers is set to be scaled back as part of efforts to boost...

Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

by Oil Market News
June 8, 2023
0

Irving Oil, the owner of Canada’s largest petroleum refinery, has launched a strategic review of the private company that could...

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

by Oil Market News
June 7, 2023
0

The UK’s advertising watchdog has banned a group of big oil and gas company advertisements for being misleading as part...

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

by Oil Market News
June 6, 2023
0

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman has claimed to be inspired by former Federal Reserve chair Alan Greenspan,...

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

by Oil Market News
June 5, 2023
0

Saudi Arabia will cut oil production by 1mn barrels a day in a bid to prop up oil prices, it...

Opec bans prominent media groups from Vienna meeting

Opec bans prominent media groups from Vienna meeting

by Oil Market News
June 4, 2023
0

Opec has barred several media groups from attending its crucial production meeting in Vienna this weekend, in a move officials...

Next Post
Saudi Aramco: vast scale of NOCs diminishes supermajors to bit players

Saudi Aramco: vast scale of NOCs diminishes supermajors to bit players

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Russia Moves Long-Range Artillery Into Firing Positions; India Issues Advisory For

Russia Moves Long-Range Artillery Into Firing Positions; India Issues Advisory For

1 year ago
Crude Oil Shielded From Bond and Stock Market Rout

Seven stowaways and a hijacked oil tanker: the strange case of the Nave Andromeda |

1 year ago
Report: Marcellus dethrones Permian Basin as top destination for frac crews

Report: Marcellus dethrones Permian Basin as top destination for frac crews

1 year ago
Magnolia Oil & Gas Corporation’s (NYSE:MGY) Intrinsic Value Is Potentially 20% Below

Magnolia Oil & Gas Corporation’s (NYSE:MGY) Intrinsic Value Is Potentially 20% Below

6 months ago
Russia, Saudi Arabia see recovering demand after production cuts

Russia, Saudi Arabia see recovering demand after production cuts

1 year ago
ADVERTISEMENT
UK set to introduce floor for oil and gas windfall tax

UK set to introduce floor for oil and gas windfall tax

June 9, 2023

Canadian refiner Irving Oil explores options including sale

June 8, 2023

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

June 5, 2023

Opec bans prominent media groups from Vienna meeting

June 4, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

UK set to introduce floor for oil and gas windfall tax

UK set to introduce floor for oil and gas windfall tax

June 9, 2023
Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023
UK watchdog bans Shell, Repsol and Petronas greenwashing ads

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023
Opec+ is not on board with Saudi’s ‘whatever it takes’ message

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.