2024-01-19 21:19:24
The wintry weather that blanketed parts of Texas in snow and hammered North Dakota with extreme cold has knocked out millions of barrels of US oil production, and the industry is expected to need weeks to restore output to normal levels.
Production across the US was curtailed by regarding 10 million barrels this week, according to market participants who asked not to be named because the information is private. Losses in the Permian Basin of Texas and New Mexico are estimated at around 6 million barrels and shut-in output in North Dakota’s Bakken is seen at close to 3.5 million barrels.
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