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Oil News

UK: Industry urges tax reform amid warning of 20 percent offshore workforce decline

Offshore Energies UK (OEUK), a trade association, has called for the government to remove the windfall tax on oil and gas profits by 2026. Meanwhile, Robert Gordon University believes the country could lose up to 20 percent of its offshore energy workforce by 2030 without urgent intervention.

Rystad 2025 oil growth guidance at risk post-tariffs

Rystad: US shale growth at risk as prices slump and policy bites

Rystad Energy expects onshore Lower-48 production to fall short of the record high output of 11.37 million barrels per day (bpd) of oil, achieved in November 2023, until at least June of this year. However, this outlook faces serious downside pressure should the recent price downturn hold, forcing operators to cut back on rig activity.