OIL: Oil End of Day Summary: Crude Climbs on Week

Oil End of Day Summary: Crude Climbs on Week
Crude futures are set for a net gain on the week with support today from signs that Trump is planning to ramp up pressure on Russia. Markets are meanwhile weighing the impact of US tariffs on demand and potential for future increase in OPEC+ output.
• WTI AUG 25 up 2.7% at 68.35$/bbl
• IEA has revised the global oil demand growth forecasts lower for both 2025 and 2026 with the slowest growth this year since 2020, according to the July Oil Market Report.
• President Donald Trump said he planned to make a "major statement" on Russia and expects the Senate to pass a tougher Russia sanctions bill, Bloomberg said.
• The US has reached an agreement to send more weapons to Ukraine via NATO, Trump said.
• The US DoE authorises SPR exchange to support fuel supply in the USGC, Reuters reported.
• OPEC+ is discussing a pause in further supply rises from October, delegates told Bloomberg. after a tentative plan to complete the revival of a 2.2mb/d supply in September.
• Saudi Arabia’s Ministry of Energy says it remained fully compliant with its OPEC+ target in June.
• Saudi crude supply to China is set to rise to the highest since 2023 at 51m bbl, or 1.65mb/d, for August loading: Reuters.
• Russia intends in August and September to fully compensate for previously producing oil in excess of its OPEC+ quota: Deputy PM Alexander Novak said.
• Mexico will present “very soon” an integral business plan for Pemex, the country’s President Claudia Sheinbaum said.
• An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days shrank to just 13%, according to Bloomberg sources.