US Oil Output Down 200,000 Barrels Per Day As Snow Storms Blanket Country - Energy Agency

US crude production is estimated to have fallen 200,000 barrels per day (bpd) as drilling for oil is impacted by snow storms blanketing the country, data from the US Energy Information Administration (EIA) revealed on Thursday

WASHINGTON (UrduPoint News / Sputnik - 18th February, 2021) US crude production is estimated to have fallen 200,000 barrels per day (bpd) as drilling for oil is impacted by snow storms blanketing the country, data from the US Energy Information Administration (EIA) revealed on Thursday.

Crude production fell to an estimated 10.8 million bpd last week, just after increasing for the first time in months to 11 million bpd the previous week, the EIA's weekly dataset on supply and demand showed.

US crude production stood at a record high of 13.1 million bpd just 11 months ago before the outbreak of the coronavirus pandemic, but the demand destruction that set in thereafter reduced the output. Production is also expected to be on the wane hereon as the Biden administration focuses more on green and renewable energy sources rather than fossil fuels.

A hail of snow storms have descended upon central and eastern United States in recent weeks, slowing or in some cases shutting energy production in places like Texas. At least 500,000 homes in Texas did not have power on Thursday morning after as many 3.1 million were impacted a day earlier by the worst snowstorm in 30 years to hit the state.

Analysts at ANZ Bank and Citigroup have estimated that at least 2 million bpd of US shale oil production had been curtailed by the storm in Texas. Citigroup analysts also estimated a cumulative production loss of 16 million barrels through early March.