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UK North Sea oil production to drop 20% in 2025?
2
Resolution / Starting Odds
Yes • 50%
No • 50%
Industry reports and UK government energy production statistics
Story
Trump Urges UK to Open North Sea for Oil Amid Apache's Exit, Criticizes Windmill Policy
Jan 3, 2025, 12:22 PM
U.S. President-elect Donald Trump has criticized the UK's energy policy, urging the country to 'open up' the North Sea for oil and gas extraction and to 'get rid of windmills.' His comments were made in response to the decision by U.S. oil firm Apache, whose parent company is APA, to cease production in the North Sea by 2029, citing the UK's windfall tax on energy profits as making operations uneconomical. Trump's remarks were shared on his social media platform, Truth Social, where he stated that the UK is 'making a very big mistake' by moving away from fossil fuels. The UK government, under Prime Minister Keir Starmer, has increased the windfall tax from 35% to 38% and plans to use the revenue to fund renewable energy projects, aiming to decarbonize its power sector by 2030. Apache expects a 20% production drop in the North Sea in 2025.
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