UK Now Net Oil Importer (By Volume) - On Edge Of Permanent Shift

[hatrack]

"Britain came within an ace of becoming a net oil importer for the first time in 13 years in May, helping the country's trade deficit widen unexpectedly to £3.4 billion.

National Statistics said that the surplus on trade in oil was £137 million in May compared with £184 million the month before and nearly £400 million in March. By volume, imports have already exceeded exports, with inflows of 4.91 million tonnes of oil in May exceeding inflows of 4.80 million tonnes.

Britain has not since August 1991 announced, by value, higher imports of oil than exports from its North Sea fields. While deficits were initially reported for September and April the figures were later revised to show surpluses.

Analysis of underlying data, however, has revealed that Britain may soon take on permanently to the status of oil importer, with North Sea production, which peaked at 2.9 million barrels a day in 1999, set to fall to near half that level by 2007."

EDIT

http://www.evworld.com/view.cfm?section=communique&newsid=6034