In the short-term the exchange rate affects both the upstream and downstream sectors, but in different ways. For the UK the most immediate effect of Brexit is increased energy costs due to a weaker pound. The loss is significant enough for effects to feed down the supply chain.
In the medium-term, and as the UK economy slows, we could expect energy demand to decrease, leading to price drops and consequences for the EU countries that export energy to the UK.
In the longer term decreased mobility and a shortage of skills, particularly in the upstream oil and gas sector, could be exacerbated when the UK leaves the EU.
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