GLOBAL OIL

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The United Kingdom (UK) is the 5th largest economy in the world and the 2nd largest in Europe.

The UK has large coal, natural gas, and oil reserves. Unlike most developed nations, the UK produces enough petroleum to support its economy and living standards. Energy production makes up 10% of the British economy, higher than most other industrial nations.

North Sea oil has allowed the UK became a net petroleum exporter and the 2nd largest producer in Europe after Norway. (Norway and the UK control most of the blocks.) In 2004 oil exports fell below imports for the first time, but this may not yet be permanent (although the North Sea fields have probably peaked).

80% of UK's electricity is generated from fossil fuels. But to reduce carbon emissions and dependence on oil, the country may turn more to wind, wave and tidal power.

British Petroleum (BP), Royal Dutch Shell and many other global oil companies have headquarters here.