Winter storm disrupts US crude production and pushes global oil prices higher
A severe winter storm and international supply disruptions have tightened the global oil market. Benchmark prices rose as US production faced significant losses.
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A severe winter storm has disrupted crude oil production and exports in the US 
US, contributing to a rise in global prices. By 0900 GMT on January 28, Brent crude futures were $67.80 a barrel, up 0.3%, while US West Texas Intermediate (WTI) was $62.71, up 0.5%. Both benchmarks had climbed about 3% on Tuesday as market participants assessed the impact of the extreme weather. Analysts and traders estimate that producers in the US, including major firms such as Chevron Corporation and Exxon Mobil Corporation , lost up to 2 million barrels per day over the weekend, representing roughly 15% of national output.
US, contributing to a rise in global prices. By 0900 GMT on January 28, Brent crude futures were $67.80 a barrel, up 0.3%, while US West Texas Intermediate (WTI) was $62.71, up 0.5%. Both benchmarks had climbed about 3% on Tuesday as market participants assessed the impact of the extreme weather. Analysts and traders estimate that producers in the US, including major firms such as Chevron Corporation and Exxon Mobil Corporation , lost up to 2 million barrels per day over the weekend, representing roughly 15% of national output.The supply tightening in the UScoincided with production interruptions in Kazakhstan 
KZ. The Tengiz oil field, a major asset for operators including Chevron Corporationand Exxon Mobil Corporation, experienced lost production. However, the OPEC+ member expected output to resume gradually within a week. Meanwhile, the pipeline operator CPC, which handles about 80% of exports from Kazakhstan, restored full loading capacity at its Black Sea terminal. This followed maintenance at one of its three mooring points that had been hit by drones, according to sources.
KZ. The Tengiz oil field, a major asset for operators including Chevron Corporationand Exxon Mobil Corporation, experienced lost production. However, the OPEC+ member expected output to resume gradually within a week. Meanwhile, the pipeline operator CPC, which handles about 80% of exports from Kazakhstan, restored full loading capacity at its Black Sea terminal. This followed maintenance at one of its three mooring points that had been hit by drones, according to sources.
