The End of an Era: UK Forced to Rely on Imported Oil

The Business reports:

BRITAIN will be forced to rely on imported oil to meet its energy needs this year for the first time in more than a decade and four years earlier than government predictions.

The warning comes from the International Energy Agency (IEA), the world’s leading energy forecaster. It says North Sea oil production will dip below 1.7m barrels per day this year – 100,000 barrels per day below expected demand. This will force the UK to rely on imported supplies.

The forecast will add to existing concerns about energy supplies after Russia’s recent threat to gas supplies to Europe which thrust energy security into the foreground and emphasised the extent of the British government’s failure to secure the country’s future energy requirements.

You'll want to read the whole thing.How this affects crude oil futures this year we will have to wait and see.