Saudi Firm Midad Leads Bidding for Lukoil’s Global Assets

Saudi Arabia’s Midad Energy has emerged as a prominent contender to acquire the international assets of Russian oil giant Lukoil, a transaction that could significantly alter the ownership landscape of approximately $22 billion in oilfields, refineries, and fuel stations. This development comes as Lukoil seeks to divest its foreign operations in response to stringent U.S. sanctions imposed in October, which have severely limited its capacity to manage and finance assets outside of Russia.

In the past month, both Oil – US Crude and Oil – Brent Crude have experienced declines, with US Crude dropping by 5.12% and Brent Crude by 5.50%. The one-day technical analysis signals for both assets indicate a Sell for US Crude and a Sell for Brent Crude, suggesting a bearish sentiment in the market. Investors can explore more updates, prices, and analysis across global markets at Commodities.