British Prime Minister, David Cameron and the French President, Nicolas Sarkozy, visited Libya yesterday in support of the rebel fighters. Both vehemently denied that their visit was connected with Libya’s oil reserves (46 billion barrels).
The British sector of the North Sea produced slightly more than 1 million barrels per day (bpd) in May 2011 and a peak of more than 2.7 million bpd in 1999. UK oil consumption is approximately 1.6 M bpd. French oil production is approximately 20,000 bpd in contrast to their consumption of slightly less than 2 million bpd.
Conclusion: Both the UK and France are consuming significantly more oil than they produce. The same is true for the United States. This situation will only worsen in time and will lead to further international stress until sustainable energy plans can be developed and financed.Tags: Cameron, French Oil Consumption Production, Libyan Oil, North Sea Oil, Sarkozy, UK Oil Consumption Production