UK Slashes Oil Imports by more than 75m Barrels Over Five-Year Period

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The UK has reduced its oil imports by more than 75 million barrels over a five-year period.

That’s according to Daily FX. which says the drop in oil imports from 359 million barrels to approximately 280 million barrels equates to a reduction of more than a fifth.

The country remains the 12th biggest global importer of oil but had the eighth-best rate in Europe for reducing such imports between 2013 and 2018.

Malta and the Republic of Moldova recorded the most significant decreases across the continent at 93% and 92% respectively.

China imported almost 3.4 billion barrels in 2018. around 240 million more than the USA and 64% up since 2013. making it the world’s biggest importer of oil.

John Kicklighter. Chief Currency Strategist at Daily FX. said: The world is changing and so is the way that it uses energy.

Renewable and environmentally-friendly fuel options are the future. and while the end of crude oil is still far off. there will be considerable changes in the world’s top importers and exporters.