Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

Oil Updates — Crude climbs as Saudi Arabia warns of output cuts; Turkey doubles Russian imports

Oil Updates — Crude climbs as Saudi Arabia warns of output cuts; Turkey doubles Russian imports

Oil rose on Tuesday as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline.

Brent crude futures advanced 93 cents, or 1 percent, to $97.41 a barrel by 0328 GMT, after a choppy session on Monday when they dropped by more than $4 before paring losses to trade near flat.

US West Texas Intermediate crude futures gained 90 cents, or 1 percent, to $91.26 a barrel.

The benchmarks are down about 12 percent and 8 percent this month, respectively, amid fears about a global recession and fuel demand.

US crude in SPR hits lowest level since January 1985


US crude inventory in the Strategic Petroleum Reserve fell by 8.1 million barrels in the latest week to the lowest level in more than 35 years, according to data from the Department of Energy.

Stockpiles in the SPR fell to 453.1 million barrels in the week to Aug. 19, according to the data. The 8.1 million-barrel draw was the largest since the end of April and brought inventory to the lowest level since January 1985.

The large draw comes after a few weeks of smaller releases. An energy department spokesperson said the use of an additive to cool crude for transportation had slowed deliveries in recent weeks, adding that deliveries for August are being released according to schedule.

President Joe Biden in March set a plan to release 1 million barrels per day over six months from the SPR to tackle high fuel prices, which have been contributing to soaring inflation.

The SPR stocks have also declined due to sales from congressional mandates and Biden’s price initiative. The oil is sold to accredited oil companies via online auctions, and prices are set using a five-day average bracketing the date of delivery.

Russian oil firm Lukoil acquires Spartak Moscow soccer club


Russian oil firm Lukoil said on Monday it had purchased Russian Premier League club Spartak Moscow, as well as the Moscow stadium where it plays its home matches.

Spartak is reeling from financial problems in the wake of Russia’s military intervention in Ukraine, which prompted a flurry of Western sanctions against Moscow and further isolated the Russian business community.

Lukoil, which had been Spartak’s general sponsor for more than two decades, said its acquisition of a 100 percent stake in the club meant that long-time owner and president Leonid Fedun would be relinquishing all of his managerial roles.

Fedun stepped down as vice president of Lukoil in June. The billionaire bought the club in 2004 when it was in serious financial difficulty.

Turkey doubles Russian oil imports


Turkey doubled its imports of Russian oil this year, Refinitiv Eikon data showed on Monday, as the two countries are set for broader cooperation in business and especially energy trade in the face of western sanctions against Moscow.

Trade between Turkey and Russia has been booming since spring as Turkish companies not banned from dealing with Russian counterparts stepped in to fill the void created by EU businesses leaving Russia after its invasion of Ukraine earlier this year. Russia calls its actions in Ukraine ‘a special military operation.’

Turkey increased oil imports from Russia, including Urals and Siberian Light grades, beyond 200,000 barrels per day so far this year compared to just 98,000 bpd for the same period of 2021, Refinitiv data showed.

Turkey did not sanction Russia due to its actions in Ukraine, saying it remains reliant on Russian energy supplies.

Russian President Vladimir Putin and Turkish President Tayyip Erdogan met early in August and agreed to boost business cooperation.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×