Capital expenditure of Fuels Industry UK membe
CAPITAL EXPENDITURE OF FUELS INDUSTRY UK MEMBERS
£ Million
200 300 400 500 600 700 800 900 1,000
The capital expenditure of Fuels Industry UK members shows the cyclical nature of the downstream oil sector. 2021 figures represent 97% of the 10-year average for Capex but are down from the 2020 high.
0 100
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Fuels Industry UK
Contribution to UK balance of payments
CONTRIBUTION TO UK BALANCE OF PAYMENTS
-7 -6 -5 -4 -3 -2 -1 0 1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 £ Billion Source: DESNZ
Despite a 49% increase yoy in total trade volumes, net exports decreased by 12.9% yoy in 2021. Due to low demand caused by Covid in 2020, many UK refiners brought offline some of their refining units to reduce costs. The long period required to bring a unit back online has left little spare capacity for the export market.
15
Fuels Statistics 2023
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