The UK oil industry is facing a marked decline in production due to a drop in investment amid the pandemic, Bloomberg reports, citing data from Oil & Gas UK. Oil production in the country already declined by 5 percent annually last year and will continue down, as spending on development and operations took a 23-percent dive to the lowest level since 2004, the industry body said.
“Most companies in our industry remain in a fragile state,” even as economies start to reopen, chief executive Deirdre Michie said. “This year is…UK Faces Decline In Oil Production
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