Winter storm Uri has led to a significant reduction in U.S. oil production, driving a rise in global oil prices and having a knock-on effect on energy supply chains. Texas accounted for 59.0% of refined oil exports in 2020 after a dip of 1.8% year over year in Q4’20. The shortfall may be most keenly felt in Mexico – including imports by Pemex – and Brazil which represented 32.7% and 16.6% of exports of refined oil from Texas respectively. The loss of Texan oil production may also require increased imports of crude oil. The U.S. has become more energy independent as a...