THE ECONOMIC CONTRIBUTION OF THE UK DOWNSTREAM OIL SECTOR FEBRUARY 2019 Petroleum_Word_cover.indd 1 05/02/2019 16:21 The Economic Contribution of the UK Downstream Oil Sector February 2019 All data shown in tables and charts are Oxford Economics’ own data, except where otherwise stated and cited in footnotes, and are copyright © Oxford Economics Ltd. This report is confidential to UKPIA and may not be published or distributed without their prior written permission. The modelling and results presented here are based on information provided by third parties, upon which Oxford Economics has relied in producing its report and forecasts in good faith. Any subsequent revision or update of those data will affect the assessments and projections shown. To discuss the report further please contact: Andrew P Goodwin:
[email protected] Oxford Economics Broadwall House, 21 Broadwall, London, SE1 9PL, UK Tel: +44 203 910 8000 2 20190205 UKPIA PRESS.pdf 2 06/02/2019 11:08 The Economic Contribution of the UK Downstream Oil Sector FOREWORD Stephen Marcos Jones Director General, UKPIA The UK’s downstream oil sector is going through a transformation. The long-term trends—shifting product demand, misalignment of supply and demand, and ensuring the UK remains an attractive place to do business— continue to challenge the UK Petroleum Industry Association (UKPIA) and our membership. But there is change ahead for all elements of the sector, as the government rightly pursues its ambitions to reduce carbon emissions and those of other pollutants. We are firmly behind these goals, which benefit the communities in which we want to continue to work and prosper.