US refining put on ice
Blizzards in Texas have dramatically halted downstream activities, leaving opportunities for facilities still running
Arctic conditions across the US Gulf Coast have forced downstream companies to declare force majeure and shut in more than 3.6mn bl/d of refining capacity. In the shale patch, intermittent blackouts and power outages have caused widespread supply disruptions as temperatures plummeted to their lowest level in more than 50 years. Almost one-third of US production has been impacted by the cold snap, the largest on record. And while WTI broke the $60/bl ceiling in early February, the hit on refining demand has helped stabilise the oil price, preventing any sudden acceleration due to the knocked-out production. “Given the 3.6mn bl/d refinery capacity shut-in, with refineries estimated to have rec
Also in this section
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
14 May 2024
But there is still plenty of appetite for the country’s LNG in the Asia-Pacific region
14 May 2024
The former CEO of Pioneer, Scott Sheffield, has opened a can of worms through his association with OPEC+ and its market management strategy