Energy

Texas freeze helps rival oil exporters like Saudi Arabia, OPEC members

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Pump jacks operate in the Permian Basin in Midland, Texas, U.S, on Saturday, Feb. 13, 2021.

Matthew Busch | Bloomberg | Getty Images

The shock winter storm in Texas that left millions without power and took dozens of lives also froze a major local commodity: the Lone Star State’s oil production, slashing some 4 million barrels per day from U.S. output. 

The consequence will be a boost in revenue and potentially increased exports among rival oil-producing nations, commodities experts say. 

Analysts estimate the total volume of oil lost to Texas’ production freeze at anywhere between 18 million and 40 million barrels and roughly one-fifth of U.S. refining capacity was shut in. And while…



Source cnbc.com

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