Big Freeze in Texas Is Becoming a Global Oil Market Crisis

  • More than 4 million barrels a day of supply has been curtailed
  • Fuel output also curbed following cuts to refinery processing
What the Texas Deep Freeze Means for Oil, Natural Gas
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What began as a power issue for a handful of U.S. states is rippling into a shock for the world’s oil market.

More than 4 million barrels a day of output -- almost 40% of the nation’s crude production -- is now offline, according to traders and executives. One of the world’s biggest oil refining centers has seen output drastically cut back. The waterways that help U.S. oil flow to the rest of the world have been disrupted for much of the week.