Jan 20, 2024 at 1:50 PM Update: 30 minutes ago
The extreme winter weather in the United States is hitting oil production. According to US oil market sources, heavy snow and freezing temperatures in states such as Texas and North Dakota have already caused production losses of millions of barrels last week.
This would amount to a total loss of almost 10 million 159 liter barrels. The snowfall has made oil fields difficult to access for work and the cold has caused oil pipelines and installations to freeze.
This mainly concerns fields in the oil-rich Permian Basin region, which is largely located in west Texas, and the Bakken shale formation in North Dakota and other states in the northern US.
According to the sources, it could take weeks before production returns to its previous level. The winter weather has also hampered refineries along the Gulf of Mexico.
On Friday, about 15 percent of the Gulf Coast’s refining capacity was idled, amounting to about 1.5 million barrels. This also had to do with maintenance work.
Image: AFP
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OilUnited StatesEconomy
2024-01-20 12:50:45
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