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U.S. Oil Production Slumps by Record 40% as Permian Freezes

  • Permian Basin production said to have dropped as much as 80%
  • U.S. output is down by more than 4 million barrels a day
Bloomberg business news
Watch; Total U.S. oil production now plunging by a third, the most ever due to snow and ice. (Source: Bloomberg)
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Total U.S. oil production has plunged by close to 40% -- the most ever -- as an unprecedented cold blast freezes well operations across the central U.S., according to traders and industry executives with direct knowledge of the operations.

Crude output has now fallen by more than 4 million barrels a day nationwide, they said, asking not to be identified because the information isn’t public. Before the cold snap, the U.S. was pumping about 11 million barrels a day, according to government data. The estimate of oil production losses has climbed steadily over the last three days as companies and traders assess the situation.