By Nick SmithThe oil industry is facing an existential crisis.

It is no longer possible to produce and sell oil, in the face of soaring production costs, increasing competition and the changing climate.

Oil and gas companies are struggling to find a balance between producing enough to keep costs down and keeping costs down enough to meet the ever-rising demand.

The latest global statistics show that demand for crude oil is up by nearly 5% this year, and demand for natural gas is up 3.5%.

However, the industry is still suffering from a lack of supply.

In 2015, oil and gas production in the world rose by 4.5%, but the amount of oil produced has remained flat.

In 2016, oil production rose by 5.4%.

The price of oil is currently at a record low.

This means that if the world economy was to keep on growing, demand for oil would rise at a faster rate than supply.

If oil prices kept on increasing, this would lead to a fall in prices, and therefore to a reduction in demand.

This is what happened in the 1980s, when prices fell by 50% in the decade from 1982 to 1989.

But that did not happen in the decades after, and oil prices have not been able to recover to the levels they were in the 1970s.

The situation is now so dire that there is no doubt that the world is entering a period of oil price deflation, the Oxford University economist Robert Gordon wrote in a paper published last month.

The drop in oil prices has been very much dependent on the global economic recovery.

This deflationary effect is so powerful that if oil prices do not rise, they will not be able to sustain a recovery in global demand for the foreseeable future, the IMF’s new global economic forecast states.

The oil crisis has also caused a massive reduction in foreign investment.

This has reduced the size of the private sector in the oil and natural gas sectors, which in turn has led to a decline in investment in the industry. 

The oil price slump, coupled with the falling value of the pound has had a significant impact on UK exports.

The International Monetary Fund expects UK exports to decline by around 10% this quarter.

This has had an effect on the manufacturing sector, which is heavily dependent on exports, as well as the services sector.

These industries have suffered a significant reduction in the value of their assets.

The impact on consumer spending has also been severe, as businesses have not seen the economic benefit of higher prices.

In other words, the UK has had to put up with the loss of business investment in a country where its biggest export market is already struggling. 

While the UK remains one of the most productive economies in the European Union, it has suffered a massive fall in productivity due to the drop in the price of crude oil.

It now has the world’s lowest oil price and the worst productivity performance in the OECD, according to the OECD’s Economic Outlook.

The UK economy has been unable to grow, and the drop has been so devastating that the government has announced plans to spend £8bn in 2017-18 on unemployment benefit to try to stimulate the economy. 

This is a welcome move by the government, as unemployment benefits have been cut in the past, but it does not address the root cause of the problem.

This problem has been exacerbated by the drop of oil prices.

The government’s attempt to fix the problem of falling oil prices, by introducing a 3.25% levy on petrol, has also failed to address the underlying problem of the UK’s oil dependence, as this tax has only been introduced on petrol and diesel fuel, and is not linked to any of the oil prices falling. 

As a result, the government is now cutting billions from social care budgets, as the budget deficit is predicted to rise to £50 billion in 2019-20, which will make it even more difficult for the government to make good on its promises to the British people.

The fall in oil has had significant consequences on the industry as well.

The cost of refining has risen by more than 50% since the beginning of the year, which has meant that the refining cost of natural gas has increased by more.

The price of the two main fuels is now almost identical, but they have both been falling for some time.

The fall in crude oil prices is now taking place at a time when the UK is importing more than a third of its oil imports.