Industry revenue of “activities for petroleum and natural gas extraction“ in the United Kingdom 2012-2024

With growing environmental concerns and the rising need for fuel efficiency, many nations are increasingly shifting towards renewable energy sources, away from fossil fuels, and the UK is one of them. The indigenous production of crude oil and natural gas in the nation fell from approximately 17.1 million metric tons to just over 13 million metric tons between the first quarter of 2010 and the fourth quarter of 2018. Therefore, it is not surprising to see that activities related to petroleum and natural gas extraction are forecast to decline by almost 53 percent during the decade leading up to 2024.

Covid-19 disrupts the energy market

The fossil fuel industry is facing one of its gravest challenge due to the outbreak of the corona virus. The IEA has stated that global oil demand is already down around 90,000 barrels a day, compared to 2019. Furthermore, it has stated that if global measures fail to control the virus in the short term, global demand could fall by 730,000 barrels a day.

Industry revenue of “activities for petroleum and natural gas extraction“ in the United Kingdom from 2012 to 2024

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (GBP -> USD) = 1.256

The industry classification is based on the NACE Rev.2 - system in the United Kingdom. The industry “support activities for petroleum and natural gas extraction“ has the code “B091“.

Details on the methodology can be found here.

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