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OPEC keeps eyes on the price amid Texas storm impact, Saudi attack
Little wavering from OPEC and its partner nations on supply curbs is expected in the near future after the cartel and its partners agreed last week to largely hold curbs in place for another month.
Crude pricing has been climbing in recent months as economic growth continues to develop, particularly in the industrial and manufacturing sectors, buoyed further by the recent outages in Texas on the back of storm-induced power outages.
Just seven of 18 refineries in Texas were operational as of the start of this week (8 March), according to ICIS data and, with power dropping suddenly as the state’s power grid failed, not all players had the opportunity to bring facilities offline in a controlled way. This could see necessary repairs push back restart schedules.