UK oil production of 2,106,088 b/d in May 2002 was down 5.6% on the month and do ...

UK oil production of 2,106,088 b/d in May 2002 was down 5.6% on the month and down 3% on the year, with the average daily production 6.5% lower (at 3,857,949 boe) than in the 12 months to May 2001, according to the latest Royal Bank of Scotland Oil and Gas Index. Gas production was also down by 12.7% on the month at 9,951mn cf/d, but up 8.7% on May 2001. Tony Wood, Senior Economist with the Bank, said: ‘Crude oil prices have remained high, despite the considerable weakness experienced across equity markets. Crude prices are being held high by the ongoing tensions in the Middle East, Opec, supply controls and Iraq’s difficulties in selling its crude. In addition, the real economy demand outlook remains relatively positive. A period of sustained higher oil prices is positive for the UK’s oil industry.’

News Item details


Please login to save this item