Sunday, February 28, 2021

Resumption of oil production in Texas will take at least two weeks


The state of Texas and its surroundings have been hit by severe frosts in recent days, which have stopped virtually all oil and gas production. In some places in Texas, outside temperatures dropped to minus 20 degrees Celsius last week.

The industry is still facing difficulties, in particular due to frozen pipelines and power outages. Although the energy companies have restored part of the supply, problems persist in some places.

Businesses are trying to resume mining quickly, but due to the icy road, trucks that carry the necessary equipment often cannot reach the cracked pipeline.

Affected 40 percent of U.S. mining

The outage represents nearly 40 percent of mining in the entire United States. The difficulties affected about five million barrels a day, which were mined in the Perm Basin.

They don’t remember such weather in Pflugerville, Texas.

Foto: Bronte Wittpenn/austin American-, Reuters

If the situation in and around Texas returns to normal only slowly, world markets will probably continue to feel it. This could also mean a further rise in prices, which have already risen to a maximum in the last year.

North Sea Brent crude is around $ 63 a barrel, while West Texas Intermediate (WTI) is selling about $ 60 a barrel.

Mining in the Perm Basin fell 35 percent to below three million barrels a day. This is the first time since 2018 that it has fallen below this threshold, according to Wood Mackenzie.



#Resumption #oil #production #Texas #weeks

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