UK could boost North Sea oil output at £20 cost per barrel, John Redwood argues

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23.04.2026

UK could boost North Sea oil output at £20 cost per barrel, John Redwood argues — North Sea oil production opportunity

John Redwood suggests that North Sea oil reserves remain substantial and more discoveries are possible. He proposes increasing United Kingdom oil production to 1 million barrels per day, noting an average cost of £20 per barrel against a current price of £70 per barrel.

Redwood estimates this could generate a profit of £18 billion a year, with most going to the Treasury as tax. He encourages policymakers to capitalize on these opportunities.

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Redwood has previously warned that rising fuel bills are weighing on consumer spending in the UK. He has also questioned current policy direction by comparing GDP growth figures, noting that the U.S. leads in income per head while the UK lags behind. The latest comments follow his ongoing focus on economic policy measures.

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