Texas Freeze Ignites Worldwide Crisis in Oil Market
The supply chain has lost more than four million barrels per day, with refineries also slashing fuel production.
February 19, 2021
HOUSTON What started as a power grid situation for some southern U.S. states has triggered a crisis across the globe in the oil market, Bloomberg reports. Nearly 40% of the U.S. crude production more than four million barrels per day has been shuttered, according to officials and traders. One of the largest oil refining centers in the world has had to significantly reduce output, while access to the waterways that deliver U.S. oil to the world has been interrupted.
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