U.S. oil executives expect domestic production to rise as the ongoing war in Iran upends global supplies and pushes crude and fuel prices higher, according to a Dallas Fed survey. The survey collected data from April 15 to April 20 from 120 oil and gas firms, of which 78 were exploration and production firms and 42 were oilfield services firms. * A total of 43% of survey respondents expect U.S. crude production to rise by up to 250,000 barrels per day this year as a result of the Iran war. [Read more]

Russia is maintaining the flow of its oil to world markets and thereby helping to limit the impact of the crisis triggered by the Iran war, but it has no specific initiative to propose within OPEC+, the Kremlin said on Thursday. "At the moment, we are making our contribution to stabilizing prices and minimizing the consequences of the global energy crisis. Russia continues its oil supplies," Kremlin spokesman Dmitry Peskov told a daily conference call with reporters. "Demand is growing, [Read more]

About 10.7 million barrels of Iranian crude exports crossed through the Strait of Hormuz and exited the area blockaded by the U.S. Navy between April 13 and 21, data analytics firm Vortexa said. * The shipments transited on six crude carriers that had their AIS data switched off. * A U.S. blockade of Iranian ports came into effect on April 13. The blockade, Vortexa said, "is not necessarily implemented close to Iranian ports nor within the Strait of Hormuz, but flexibly around an area [Read more]

Iran seized two ships in the Strait of Hormuz as it tightened its grip on the strategic waterway after U.S. President Donald Trump announced he was indefinitely calling off attacks, with no sign of peace talks restarting. The status of a two-week-old ceasefire, due to have expired earlier this week, remained unclear. In a sharp about-face hours after threatening renewed violence, Trump made what appeared to be a unilateral announcement on Tuesday that the U.S. would extend a ceasefire until [Read more]

The U.S. military has intercepted at least three Iranian-flagged tankers in Asian waters and is redirecting them away from their positions near India, Malaysia and Sri Lanka, shipping and security sources said on Wednesday. Washington has imposed a blockade on Iran's trade by sea while Iran has fired on ships to prevent them sailing through the Strait of Hormuz waterway at the entrance to the Middle East Gulf. Nearly two months after the U.S. and Israel began their war on Iran, there is [Read more]

U.S. oilfield services firm Weatherford International said on Wednesday that oilfield activity in Mexico has normalized and it was starting to get paid after a new financial mechanism helped raise funds for state-run energy company Pemex to pay its suppliers after long delays. Oilfield service companies had significantly reduced activities amid Pemex's accumulation of billions of dollars in pending payments to contractors and providers in recent years. A payment mechanism approved by the [Read more]

A lockout at BP's 440,000-barrel-per-day refinery in Whiting, Indiana, enters its second month as the British oil major and hundreds of union workers remain at odds. BP locked out about 800 workers represented by the United Steelworkers union on March 19, after months of negotiations failed to produce a new labor contract. The Whiting facility is the largest refinery in the Midwest and a major supplier of gasoline, diesel and jet fuel. It has continued to operate during the lockout after [Read more]