Oil prices soar | Sunday Observer

Oil prices soar

21 February, 2021

West Texas Intermediate jumped over $60 per barrel after the Polar Vortex that brought unusually cold weather to a large part of the US froze — literally — a third of oil production.

Citing unnamed sources from the industry familiar with the details, Bloomberg reported that U.S. oil production is now 3.5 million bpd lower than it was before the cold snap hit, marking the largest ever production decline in history. In the Permian, production came down by as much as 65 percent. According to the report, temperatures in Texas were so low at the start of this week that oil and gas liquids were freezing at the wellhead as well as in pipelines, which are mounted on the ground rather than laid underground. - Oilprice.com

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