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Texas Freeze Exacted Even Worse Toll Than Estimated on U.S. Oil

  • Texas accounted for most of the U.S. crude supply losses
  • North Dakota and New Mexico also contributed to declines
Bloomberg business news
OPEC to Gently Revive Oil Production
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An Arctic cold blast that swept through the U.S. South in February caused a much bigger loss in oil supply than previously estimated, with output falling to a three-year low, according to U.S. government data.

Drillers cut oil production by almost 1.2 million barrels a day, the biggest decline since May and far more than the 800,000 barrels a day officials had estimated in early April, according to figures released Friday by the U.S. Energy Information Administration.