U.S. private equity giant Carlyle is exploring options to buy Russian oil major Lukoil's foreign assets, three sources familiar with the situation said. The U.S. has hit Lukoil with sanctions as part of its effort to bring the Kremlin to peace talks over Ukraine, and has blocked Lukoil's attempt to sell assets to Swiss-based trader Gunvor ahead of the November 21 sanctions deadline. Lukoil extracts about 2% of global oil output at home and abroad, and has said it is seeking buyers for its [Read more]

U.S. crude stocks rose while gasoline and distillate inventories fell last week on stronger demand, the Energy Information Administration said on Thursday. Crude inventories rose by 6.4 million barrels to 427.6 million barrels in the week ended November 7, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.96-million-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 346,000 barrels in the week, the EIA said. Oil futures pared gains [Read more]

Around 1.4 million barrels per day of Russian oil, or almost a third of the country's seaborne exporting potential, remain in tankers as unloading slows due to U.S. sanctions against Rosneft and Lukoil, JPMorgan said on Thursday. The U.S. set a November 21 deadline to wind down all dealings with Rosneft and Lukoil, in the first direct sanctions imposed on Russia by President Donald Trump since the start of his second term. The sanctions have put a strain on Lukoil's business, forcing it to [Read more]

European Union lawmakers backed further cuts to the bloc's corporate sustainability law on Thursday, following months of pressure from companies and some governments demanding the EU weakens its rules. The European Union's corporate sustainability due diligence directive (CSDDD) was adopted last year and requires companies to fix human rights and environmental issues in their supply chains, or face fines of up to 5% of global turnover. The law has become a political flashpoint, with [Read more]

The International Energy Agency (IEA) raised its global oil supply growth forecasts for this year and next in its monthly oil market report on Thursday, signalling a deeper surplus in 2026. "Global oil market balances are looking increasingly lopsided, as world oil supply is forging ahead while oil demand growth remains modest by historical standards," the IEA said. The agency expects global oil supply to grow by around 3.1 million barrels per day (bpd) in 2025 now, and 2.5 million bpd [Read more]