Oil Production Falling Fastest in Britain’s North Sea

Kjell Aleklett, the president of the Association for the Study of Peak Oil, said the UK Government’s forecasts showed oil production falling one-third from its peak by 2020. “The UK produced most of its oil when it was cheap and they sold it for cheap money,” he said. “Now they need to buy it back at more than twice the price they sold it at.”

He said the running down of oil would present the Government with problems for its current account – the difference between money coming in and going out of the economy – and for its future economic performance.
The Independent