Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

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Commodities

<ul><li>Several more Group II cargoes loaded from Taiwan before heading to Southeast Asia.</li><li>The pick-up in shipments in second-half March lifted total exports above typical monthly levels.</li><li>The rise contrasted with a slump in Singapore’s exports in the past week.</li></ul>

Several more Group II cargoes loaded from Taiwan before heading to Southeast Asia.The pick-up in shipments in second-half March lifted total exports above typical monthly levels.The rise contrasted with a slump in Singapore’s exports in the past week.

Global Base Oils Cargo Flows: Week To 27 March

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.</li>
<li>Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.</li>
<li>Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.</li>
</ul>


So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.
Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.
Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.


OIL: When a Short-Term Spike Becomes Long-Term Reality

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India slashed excise duty on petrol by Rs 10/litre to Rs 3 and zeroed out diesel duty, effective 26 March 2026, under Notification No. 11/2026-Central Excise.</li>
<li>With OMCs losing an estimated Rs 48.8/litre on blended marketing, the cut absorbs 30–40% of annualised losses, buying time without a retail price hike.</li>
<li>The liquidity lifeline comes at a steep fiscal cost of ~Rs 1.55 lakh crore annually, and  windfall tax offset on exports only partially compensates; watch whether crude stays above $100.</li>
</ul>


India slashed excise duty on petrol by Rs 10/litre to Rs 3 and zeroed out diesel duty, effective 26 March 2026, under Notification No. 11/2026-Central Excise.
With OMCs losing an estimated Rs 48.8/litre on blended marketing, the cut absorbs 30–40% of annualised losses, buying time without a retail price hike.
The liquidity lifeline comes at a steep fiscal cost of ~Rs 1.55 lakh crore annually, and  windfall tax offset on exports only partially compensates; watch whether crude stays above $100.


India Cuts Fuel Excise Duties: OMC Lifeline, Fiscal Casualty

<ul><li>Shell's Pearl GTL plant halted after an 18 March attack — removing a major source of global Group III shipments with restart timeline unclear</li><li>US January Group III imports surged from the Middle East before war disrupted shipment flows — Middle East arrivals now set to drop sharply in April</li><li>South Korea February exports fell to a nine-month low before the Middle East conflict disrupted flows across key markets — curtailing shipments to the Middle East and boosting the need for alternative shipments to the US</li></ul>

Shell's Pearl GTL plant halted after an 18 March attack — removing a major source of global Group III shipments with restart timeline unclearUS January Group III imports surged from the Middle East before war disrupted shipment flows — Middle East arrivals now set to drop sharply in AprilSouth Korea February exports fell to a nine-month low before the Middle East conflict disrupted flows across key markets — curtailing shipments to the Middle East and boosting the need for alternative shipments to the US

Base Oils and Lubricants: Weekly Global Market Review - 20 Mar '26

<ul><li>Wave of Group II cargoes load from Taiwan in past week before heading to China.</li><li>Several more shipments were set to load from Taiwan in the coming days, pointing to a marked rise in total cargo loadings in March.</li><li>The pick-up in shipments in March mirrored a similar trend in Singapore, despite the prospect of lower output.</li></ul>

Wave of Group II cargoes load from Taiwan in past week before heading to China.Several more shipments were set to load from Taiwan in the coming days, pointing to a marked rise in total cargo loadings in March.The pick-up in shipments in March mirrored a similar trend in Singapore, despite the prospect of lower output.

Global Base Oils Cargo Flows: Week To 20 March

India

Bharat Petroleum Corporation Limited (BPCL) is an Indian public sector oil and gas company involved in refining crude oil and marketing petroleum products, with significant presence in the upstream and downstream sectors. It operates refineries and an extensive marketing and distribution network across India, offering products such as petrol, diesel, LPG, and lubricants. The company is headquartered in Mumbai, Maharashtra, India, and was formed in 1976 through the nationalization of Burmah Shell.

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Bharat Petroleum (BPCL IN)

Global Base Oils Cargo Flows: Week To 27 March

Several more Group II cargoes loaded from Taiwan before heading to Southeast Asia. The pick-up in shipments in second-half March lifted total...

Base Oil News

OIL: When a Short-Term Spike Becomes Long-Term Reality

So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the...

David Mudd

India Cuts Fuel Excise Duties: OMC Lifeline, Fiscal Casualty

India reduces excise duty on petrol by Rs 10/litre to Rs 3 and eliminates diesel duty, easing OMC losses but adding significant fiscal burden.

Nimish Maheshwari

Base Oils and Lubricants: Weekly Global Market Review - 20 Mar '26

Shell's Pearl GTL plant halted after an 18 March attack — removing a major source of global Group III shipments with restart timeline...

Base Oil News

Global Base Oils Cargo Flows: Week To 20 March

Wave of Group II cargoes load from Taiwan in past week before heading to China. Several more shipments were set to load from Taiwan in the coming...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Base Oils Cargo Flows: Week To 27 March

Several more Group II cargoes loaded from Taiwan before heading to Southeast Asia. The pick-up in shipments in second-half March lifted total...

Base Oil News

OIL: When a Short-Term Spike Becomes Long-Term Reality

So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the...

David Mudd

India Cuts Fuel Excise Duties: OMC Lifeline, Fiscal Casualty

​India reduces excise duty on petrol by Rs 10/litre to Rs 3 and eliminates diesel duty, easing OMC losses but adding significant fiscal burden.

Nimish Maheshwari

Base Oils and Lubricants: Weekly Global Market Review - 20 Mar '26

Shell's Pearl GTL plant halted after an 18 March attack — removing a major source of global Group III shipments with restart timeline...

Base Oil News

Global Base Oils Cargo Flows: Week To 20 March

Wave of Group II cargoes load from Taiwan in past week before heading to China. Several more shipments were set to load from Taiwan in the coming...

Base Oil News

India reduces excise duty on petrol by Rs 10/litre to Rs 3 and eliminates diesel duty, easing OMC losses but adding significant fiscal burden.