Russia Halts 40% of Oil Exports as US Crude Stocks Jump 6.9M Barrels
Russia has halted at least 40% of its oil export capacity after drone attacks, pipeline disruption and tanker seizures, while US commercial crude inventories rose by 6.9 million barrels to 456.2 million. A Dallas Fed survey showed increased US first-quarter oil and gas activity with steady output.
1. Russian Export Disruption
At least 40% of Russia's oil export capacity is halted following Ukrainian drone strikes, pipeline damage and seized tankers, cutting shipments through key terminals including Primorsk and Novorossiysk and exerting upward pressure on global crude benchmarks.
2. US Commercial Crude Inventories
US commercial crude stockpiles climbed by 6.9 million barrels to 456.2 million barrels last week, marking a fifth straight weekly build driven by reduced exports and sustained domestic output.
3. Dallas Fed Survey on US Activity
The Federal Reserve Bank of Dallas reported increases in drilling, investment and service activity across Texas, Louisiana and New Mexico during the first quarter, while aggregate production levels held roughly steady quarter-over-quarter.
4. Exxon Mobil's Venezuela Exploration
Exxon Mobil dispatched a technical team to Venezuela to assess oil and gas fields and export infrastructure, laying groundwork for potential upstream investments pending regulatory clearance.