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Press Releases
UK Oil and Gas production fall during March
05 June 2002
During March both oil and gas production fell on both the
month and year according to The Royal Bank of Scotland Oil and Gas Index.
Tony Wood, Senior Economist with Royal Bank of Scotland
Group, stated that "With oil prices now firmly back in OPEC’s target range, the
likelihood of a significant production change at its June 26th
meeting is reduced. However, OPEC requires to balance price stability with the
prospect of losing market share to large non-OPEC exporters such as Russia and
Norway."
Commenting on the recently launched Royal Bank oil and gas
service and supply survey, Tony Wood commented "The service industry has now
recovered from the effects of the price collapse of 1998. While prices and
margins have been slow to pick up, we are particularly encouraged by the high
levels of exporting activity. The current price environment is very encouraging
for the service and supply industry."
UK oil production was down 4.2 per cent in March compared to
February and down 6.4 per cent on March 2001 with the average daily production
7.3 per cent lower than in the 12 months to March 2001. Gas output was down
marginally by 0.8 per cent on February but 6.6 per cent lower than in March
2001. Combined oil and gas production fell by 2.6 per cent on the month. Average
daily production in the 12 months to March 2002 was 3.5 per cent lower than in
the 12 months to March 2001.
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