Budget forecasts on North Sea revenues will be ‘wrong’ due to oil price freefall
The oil price freefall means projections for the UK’s North Sea revenues are already out of date before the Budget is even published, according to a leading analyst.
Office for Budget Responsibility (OBR)
OBR lowers forecast for UK oil and gas revenues
A new report has lowered forecasts for UK oil and gas revenues by an average of £600million per year to 2024.