Highlights Levels tick up from April, June likely heavily impacted Forties shutdown, ‘catch-up’ maintenance dent volumes UK offshore oil production was down 23% on the year in May at 816,000 b/d, with crude output down 21% at 752,000 b/d, according to official data, likely reflecting post-pandemic ‘catch-up’ maintenance and spending cuts. NThe May oil output level — which includes natural gas liquids — was up 5% from April, when UK oil output was around seven-year lows. For the first five months of 2021 UK oil output was down 18%, averaging 923,000 b/d, with a 17% reduction in crude output to 837,000 b/d. The UK North Sea produces two of the crude grades in Platts’ Dated Brent oil benchmark, used by the industry around the world, however, nearby Norway’s crude production is now roughly double UK […]