U.S. oil output contracts as cold wave hits Texas: Reports
Total U.S. oil output has contracted by a record one-third, or 3.5 million barrels per day and more, as anomalous low temperatures caused disruptions to well operations in Texas, the country’s largest oil-producing region, according to a watchdog.
On Wednesday, Bloomberg reported that the U.S. daily output stood at some 11 million barrels before the winter freeze.
Along with causing massive power outages, one of the coldest U.S. winters in decades has forced some largest oil companies, including Motiva and Exxon Mobil, to shut down their refineries, according to the report.
France’s Total has cut crude processing to minimal levels and shut down its Port Arthur refinery in Texas.
The severe weather has also affected companies Occidental Petroleum and Chevron.
(Sputnik/NAN)
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