Oil production in the Permian Basin (Texas) has collapsed by a million barrels per day due to record cold weather.

The Permian Basin is the center of the US shale industry. The temperature has dropped to minus 18 degrees there, which has become a record figure since 1989. “The loss of American production looks substantial,” said Gary Ross, manager of hedge fund Black Gold Investors LLC.

They are connected to the closure of wells, disruption of road transport and blackout. There were equipment failures at several gas processing plants because of extreme cold weather in the Permian Basin and the Anadarko Basin in Oklahoma.