Autumn Statement – November 2016

For many last week’s autumn statement was one of “lost opportunities”, who knows what tomorrow will bring when OPEC meets in Vienna…

The oil market is “pretty pessimistic” about a deal to cut production being reached says BP’s CEO Bob Dudley. And “only radical US foreign policy action against Iran, following the elevation of Donald Trump, would have significant upward pressure on oil prices,” reports David Jones, senior director at Alvarez & Marsal.

Whilst the autumn statement saw fuel duty frozen for a 7th year and £20m promised for the development of alternative fuels for HGVs and aviation, reforms in the North Sea are unlikely to encourage investment and there was dismay at no mention of investment in energy saving and efficiency measures.

With a total of £32 billion spent each year to heat the UK’s homes and other buildings, heat represents around half of the energy we use, and one-third of the UK’s total greenhouse gas emissions. Now recognising the importance of heat, the government is expected to outline its Carbon Plan in early 2017.

Courtesy of Fuel Oil News

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