PF Global has released a new white paper assessing Britain’s energy security in light of recent geopolitical events, finding that diesel supply is a key UK vulnerability.
The white paper, titled “A UK-European oil system: Time to refine our thinking on Rosebank and energy security”, highlights the strategic importance of the UK’s North Sea oil and gas fields, such as Rosebank. It emphasises the reciprocal UK-European regional energy system that underpins a substantial part of our energy security.
Given the UK refines just 45% of the diesel it needs, there is a significant supply vulnerability which increases reliance on imports. This was brought into sharp focus following President Donald Trump’s suggestion of a US diesel export ban. However, the risk has been demonstrated several times in recent years with Russia’s 2022 invasion of Ukraine and the crisis in the Strait of Hormuz.
The report argues that, as Britain does not have the reserves or refining capacity to be self-sufficient, the most viable route to improve long-term stability is by building on an existing system with European nations. This involves maintaining crude oil supplies from the UK Continental Shelf, with 86% of our exports heading to Northwest Europe for refining. Supporting the system becomes even more important as the UK and EU approach their latest round of talks, which consider the impact of geopolitical tensions in Europe.
The report analyses diesel vulnerabilities, reliability of suppliers, and provides recommendations to enhance UK energy security.
