This report analyzes the contemporary business environment's impact on the UK crude oil market from 2010 to 2020. It examines the fluctuating crude oil prices, highlighting a period of steady increase followed by a sharp decline in 2014 due to global economic factors. The report investigates economic determinants of these changes, government actions affecting the market, and the immediate and future effects of COVID-19 on oil prices, including the impact of lockdowns and reduced demand. It emphasizes the crucial role of oil and gas in the UK economy, particularly in transportation and electricity generation, and discusses the potential for recovery in the oil industry following the pandemic. The analysis concludes that the contemporary business environment significantly influences the growth of the oil and gas industry in the UK.
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