Domestic oil and gas are Britain’s best defence in the global energy crisis

cityam03-17 13:16

OPEC+ agreed a deal on Sunday that to extend a critical portion of its oil supply cuts well into 2025. It has been cutting oil supply since late 2022. The conflict in Iran has highlighted the ...

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The conflict in Iran has highlighted the ...</p>\n\n<a href=\"https://www.cityam.com/domestic-oil-and-gas-are-britains-best-defence-in-the-global-energy-crisis/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Domestic oil and gas are Britain’s best defence in the global energy crisis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDomestic oil and gas are Britain’s best defence in the global energy crisis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-17 13:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/domestic-oil-and-gas-are-britains-best-defence-in-the-global-energy-crisis/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>OPEC+ agreed a deal on Sunday that to extend a critical portion of its oil supply cuts well into 2025. It has been cutting oil supply since late 2022. The conflict in Iran has highlighted the ...</p>\n\n<a href=\"https://www.cityam.com/domestic-oil-and-gas-are-britains-best-defence-in-the-global-energy-crisis/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"https://www.cityam.com/domestic-oil-and-gas-are-britains-best-defence-in-the-global-energy-crisis/","article_id":"2620871448","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2024/04/wytch-farm-which-is-the-largest-oil-field-in-the-uk-is-put-for-sale-by-bp-109424790-568f97341dbe6-1.webp?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/domestic-oil-and-gas-are-britains-best-defence-in-the-global-energy-crisis/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2620871448","pubTimestamp":1773724560,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"OPEC+ agreed a deal on Sunday that to extend a critical portion of its oil supply cuts well into 2025. It has been cutting oil supply since late 2022. The conflict in Iran has highlighted the fragility of global supply chains and the necessity of energy self sufficiency, says Martin CopelandIt has been just over two weeks since the US and Israel commenced military action in Iran, with acute consequences for energy, international trade and potentially the global economy.Normally, about 20 per cent of global oil demand and 20 per cent of the global LNG trade pass through the Straits of Hormuz daily. Today, these volumes have been slashed by more than half, with LNG flows stopping completely as Qatar has called force majeure at their massive Ras Laffan liquefaction plant.In response, the IEA has authorised the release of 400m barrels from strategic reserves to stabilise markets. While this may soften some of the immediate shock, it is only about 3 weeks of foregone supply and global energ","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","BK4585":"ETF&股票定投概念","XOP":"油气开采指数ETF-SPDR S&P","ITA":"iShares Dow Jones U.S. Aerospace","BK4570":"地缘局势概念股","DUG":"二倍做空石油与天然气ETF(ProShares)"},"translate_title":"国内石油和天然气是英国应对全球能源危机的最佳防线","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ITA":1.5,"DUG":1.5,"XOP":1.5},"content_text":"OPEC+ agreed a deal on Sunday that to extend a critical portion of its oil supply cuts well into 2025. It has been cutting oil supply since late 2022. The conflict in Iran has highlighted the fragility of global supply chains and the necessity of energy self sufficiency, says Martin CopelandIt has been just over two weeks since the US and Israel commenced military action in Iran, with acute consequences for energy, international trade and potentially the global economy. Normally, about 20 per cent of global oil demand and 20 per cent of the global LNG trade pass through the Straits of Hormuz daily. Today, these volumes have been slashed by more than half, with LNG flows stopping completely as Qatar has called force majeure at their massive Ras Laffan liquefaction plant.In response, the IEA has authorised the release of 400m barrels from strategic reserves to stabilise markets. While this may soften some of the immediate shock, it is only about 3 weeks of foregone supply and global energy markets remain fragile. This crisis is the latest reminder that energy security matters and is a physical thing that depends on complex, integrated logistics chains. \n\nMore than 70 per cent of the UK’s primary energy demand today is met by oil and gas, and around 45 per cent of that is imported. These molecules heat homes and industrial processes, power businesses, provide feedstock for all manner of chemicals and products of modern life, and keep critical transportation and infrastructure running. \n\n\n\n\n\n\nFree Thinking - City AM Opinion Newsletter\nGet weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from City AM’s Opinion Editor, delivered every Saturday.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOffshoring mindsetThe government’s narrative is that the Middle East conflict reinforces the importance of doubling down on ending our reliance on oil and gas. Whether or not this is the message that the public takes from these events, it is dangerously simplistic. Reducing the contribution of oil and gas from our energy mix is a decadal challenge. The government’s own gas security strategy calls for increased volumes of LNG to support demand over the remainder of the decade. The consequences of this ‘offshoring’ mindset are reflected in a punitive tax regime on UK production that disincentivises investment, a de facto freeze on approving new field developments, and stopping exploration licensing. As a result, no new North Sea field has been approved since Serica’s small Belinda field was sanctioned in May 2024 and, for the first year since the 1970s, not a single exploration well was drilled in 2025. These policies actively discourage the investment needed to deliver more homegrown gas and oil in favour of increasing dependence on imports.\nThe Secretary of State is sitting on approvals for new UK fields which, had they been actioned promptly, could by now have reduced the UK’s requirement for LNG imports by over one third.\nThe Secretary of State argues that new oil and gas fields will not help the UK in the current energy crisis. It is true that approving new projects today won’t deliver barrels tomorrow. However, he is sitting on approvals for new UK fields which, had they been actioned promptly, could by now have reduced the UK’s requirement for LNG imports by over one third. In contrast, Norway has approved 26 projects in the last four years, many of which are for new gas production destined for export to the UK.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2620871448","isCrawlerRequest":true}