Oil glut is a strain on West Texas storage tanks
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New York
FOUR hundred miles from the near-overflowing tanks at the US oil hub in Cushing, Oklahoma, a second glut in the Permian Basin of West Texas is pressuring oil prices once again as pipeline disruptions strand millions of barrels in the region.
The Permian, the fastest-growing shale play, accounts for about a fifth of the country's total oil production, and is expected to produce about two million barrels of crude a day in May. The region houses over 20 million barrels of crude storage.
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