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How Texas big freeze affects the global oil market
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How an Arctic blast in Texas is fast becoming a global oil market crisis
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Texas Frozen Chaos Becomes Global Oil Market Nightmare With 40% Of US Crude Production Offline
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Falling Texas crude output becomes a global oil market crisis By Alex Longley on 2/18/2021
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LONDON (Bloomberg) What began as a power issue for a handful of U.S. states is rippling into a shock for the worldâs oil market.
More than 4 million barrels a day of output almost 40% of the nationâs crude production is now offline, according to traders and executives. One of the worldâs biggest oil refining centers has seen output drastically cut back. The waterways that help U.S. oil flow to the rest of the world have been disrupted for much of the week.
Big freeze in Texas is becoming a global oil market crisis
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