Fallout from Hurricane Harvey disrupts US oil output
USA
HOUSTON, August 29, 2017 – US oil production looks set for disruptions lasting several weeks after Hurricane Harvey.
Harvey reached the coast as a Category 4 hurricane, causing unprecedented flooding.
At least 2m barrels a day of refining capacity is offline in Texas following shutdowns during the storm.
Producers, including in the Texas shale fields, have also scaled back production.
Damage assessments could take days to weeks to complete, analysts said.
The outages could limit the availability of US crude and gasoline and push up prices.
The impact of the storm could be cushioned by a relatively large US fuel stockpile.
Traders said price movements this week would likely continue to be volatile.
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