Article

2021-02-18 Economy

US oil output dips by record 40% as cold wave freezes operations

[Blooberg via Aljazeera] The Permian Basin, which is located in New Mexico and Texas, is the worst affected, with output down between 65 percent and 80 percent from normal levels, traders and executives say.

Total U.S. oil production has plunged by close to 40% — the most ever — as an unprecedented cold blast freezes well operations across the central U.S., according to traders and industry executives with direct knowledge of the operations.

Crude output has now fallen by more than 4 million barrels a day nationwide, they said, asking not to be identified because the information isn’t public. Before the cold snap, the U.S. was pumping about 11 million barrels a day, according to government data. The estimate of oil production losses has climbed steadily over the last three days as companies and traders assess the situation.

Posted by Besoeker 2021-02-18 03:39|| || Front Page|| [12 views ] Top

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