The U.S. fund The Carlyle Group is studying the possibility of acquiring the overseas oil and gas assets held by Lukoil, Russia’s second-largest oil producer. According to international media reports published on Thursday, November 13, the deal concerns a portfolio valued at around $22 billion based on Lukoil’s 2024 accounts.
Lukoil has accepted an offer from Switzerland’s Gunvor Group to buy its international assets through the acquisition of Lukoil International, the Russian oil company said on Thursday. The parties have agreed on key terms and Lukoil has committed not to negotiate with other potential buyers. Gunvor must obtain OFAC permission and other required licences in relevant […]
Indian Oil Corp. is looking to buy 24 million barrels of crude oil from the Americas in the first quarter of next year to replace lost Russian supply after the latest U.S. sanctions on Rosneft and Lukoil.
Indian refiners have suspended new orders for Russian crude, Reuters has reported, citing unnamed sources as saying the industry awaited clarity from the government about navigating the new U.S. sanction context.
The bill for oil imports will rise if this happens. Russian crude—often sold at a discount to comparable grades—has come to account for a third of India’s total imports. Replacing this amount—over 1 million barrels daily—would likely push prices higher, adding to India’s total import bill. Crude oil imports account for 86% of domestic consumption.
President Donald Trump has reiterated his threat to make India pay “massive” tariffs unless it stops buying Russian oil, repeating that India’s Prime Minister had assured him those purchases would stop.
The UK slapped sanctions on Russia’s biggest oil producers and two Chinese energy firms that deal with Moscow as London seeks to intensify pressure on the Kremlin over the war in Ukraine.
Russia is one of the top-three oil exporters in the world, meaning any pressure on its exports should be applied with care to avoid a price shock. Indeed, President Trump’s statement about PM Modi pushed oil benchmarks higher earlier today because of the supply tightening effect such a move by India would have.
Vucic had been seeking a three-year contract with Gazprom, following two meetings this year with Russian President Vladimir Putin. Speaking to the tabloid Informer, he suggested the delay was linked to US sanctions on oil refiner Naftna Industrija Srbije that came into full effect earlier this month after several temporary waivers expired.
Russia’s oil production averaged 9.173 million bpd in August, compared to the 9.259 million bpd ceiling in the OPEC+ deal, which also takes into account Moscow’s compensation for previous overproduction.