Javier Blas and Sheela Tobben

Business, Fuel

Oil Production Slumps by Record 40% as Permian Freezes

Pump jacks operate in the Permian Basin in Midland, Texas, on Feb. 13. (Matthew Busch/Bloomberg News) Pump jacks operate in the Permian Basin in Midland, Texas, on Feb. 13. (Matthew Busch/Bloomberg News)

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.

February 17, 2021