UK Oil Output Hits Record Low Amid Licensing Ban and High Taxes

UK crude oil production plummeted to a record seasonal low in June, according to data from Quantum Commodity Intelligence. The country's output fell by 8% year-over-year, marking the lowest level of production for this time of year on record.

The decline is attributed to the ban on new licenses and high taxes imposed on the industry. This has made it increasingly difficult for oil companies to operate in the UK, leading to a sharp decrease in production.