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.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>Asia’s base oils demand likely to stay cautious in face of seasonal slowdown in consumption and expectations of healthy availability of supply.</li><li>Firmer Group II prices in markets like India and China relative to FOB Asia cargo prices point to steadier buying interest in those markets.</li><li>Any such buying interest could reflect impact of or concern about tighter supply because of recent or upcoming plant-maintenance work in countries that supply those markets.</li></ul>

Asia’s base oils demand likely to stay cautious in face of seasonal slowdown in consumption and expectations of healthy availability of supply.Firmer Group II prices in markets like India and China relative to FOB Asia cargo prices point to steadier buying interest in those markets.Any such buying interest could reflect impact of or concern about tighter supply because of recent or upcoming plant-maintenance work in countries that supply those markets.

Asia base oils demand outlook: Week of 3 November

<ul><li>Asia’s Group II base oils cargo prices hold firm versus US export prices so far in Q4 2025.</li><li>Firm prices complicate arbitrage to move surplus supplies to markets like Latin America, suggesting Asia’s supply-demand fundamentals remain balanced to tight.</li><li>Asia’s Group II base oils price-premium to Singapore gasoil price stays at similar levels so far in Q4 2025 to end-Q3, even after recent rebound in crude/gasoil prices.</li></ul>

Asia’s Group II base oils cargo prices hold firm versus US export prices so far in Q4 2025.Firm prices complicate arbitrage to move surplus supplies to markets like Latin America, suggesting Asia’s supply-demand fundamentals remain balanced to tight.Asia’s Group II base oils price-premium to Singapore gasoil price stays at similar levels so far in Q4 2025 to end-Q3, even after recent rebound in crude/gasoil prices.

Global base oils arb outlook: Week of 27 October

<ul><li>Asia’s Group II base oils price-premium to Singapore gasoil falls amid rebound in crude and diesel prices.</li><li>Ongoing fall in outright heavy-grade prices magnifies size of dip in heavy-grade margins.</li><li>Heavy-grade margins maintain steep, even if narrowing premium to light-grade margins.</li></ul>

Asia’s Group II base oils price-premium to Singapore gasoil falls amid rebound in crude and diesel prices.Ongoing fall in outright heavy-grade prices magnifies size of dip in heavy-grade margins.Heavy-grade margins maintain steep, even if narrowing premium to light-grade margins.

Asia base oils supply outlook: Week of 27 October

<ul><li>Asia’s base oils demand likely to stay muted amid expectations of ready availability of supply and waning consumption at year-end.</li><li>Recent volatility of crude oil prices adds to attraction of holding back.</li><li>Even so, firm China/India prices vs FOB Asia cargo prices points to ongoing buying interest in those markets.</li></ul>

Asia’s base oils demand likely to stay muted amid expectations of ready availability of supply and waning consumption at year-end.Recent volatility of crude oil prices adds to attraction of holding back.Even so, firm China/India prices vs FOB Asia cargo prices points to ongoing buying interest in those markets.

Asia base oils demand outlook: Week of 27 October

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>Trump administration sanctions Russia's largest oil producers Rosneft and Lukoil effective November 21, 2025, forcing India to potentially slash Russian crude imports that currently constitute 34% of total intake.​​</li>
<li>Indian refiners face USD 3-5 billion in additional annual costs and structurally lower GRMs as they pivot to expensive Middle Eastern and US alternatives.</li>
<li>Russia's embedded role in India's energy means any shift will be costly, and margin-dilutive, setting up a 6-12 month period of procurement volatility and compressed refining spreads for Indian OMCs.​​</li>
</ul>


Trump administration sanctions Russia's largest oil producers Rosneft and Lukoil effective November 21, 2025, forcing India to potentially slash Russian crude imports that currently constitute 34% of total intake.​​
Indian refiners face USD 3-5 billion in additional annual costs and structurally lower GRMs as they pivot to expensive Middle Eastern and US alternatives.
Russia's embedded role in India's energy means any shift will be costly, and margin-dilutive, setting up a 6-12 month period of procurement volatility and compressed refining spreads for Indian OMCs.​​


Shifting Barrels: Inside India’s Painful Rebalance Away from Russian Crude

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)

Asia base oils demand outlook: Week of 3 November

Asia’s base oils demand likely to stay cautious in face of seasonal slowdown in consumption and expectations of healthy availability of...

Base Oil News

Global base oils arb outlook: Week of 27 October

Asia’s Group II base oils cargo prices hold firm versus US export prices so far in Q4 2025. Firm prices complicate arbitrage to move surplus...

Base Oil News

Asia base oils supply outlook: Week of 27 October

Asia’s Group II base oils price-premium to Singapore gasoil falls amid rebound in crude and diesel prices. Ongoing fall in outright heavy-grade...

Base Oil News

Asia base oils demand outlook: Week of 27 October

Asia’s base oils demand likely to stay muted amid expectations of ready availability of supply and waning consumption at year-end. Recent...

Base Oil News

Shifting Barrels: Inside India’s Painful Rebalance Away from Russian Crude

Trump sanctions on Russian oil producers Rosneft and Lukoil will force India to cut imports, leading to higher costs and lower margins as they...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia base oils demand outlook: Week of 3 November

Asia’s base oils demand likely to stay cautious in face of seasonal slowdown in consumption and expectations of healthy availability of...

Base Oil News

Global base oils arb outlook: Week of 27 October

Asia’s Group II base oils cargo prices hold firm versus US export prices so far in Q4 2025. Firm prices complicate arbitrage to move surplus...

Base Oil News

Asia base oils supply outlook: Week of 27 October

Asia’s Group II base oils price-premium to Singapore gasoil falls amid rebound in crude and diesel prices. Ongoing fall in outright heavy-grade...

Base Oil News

Asia base oils demand outlook: Week of 27 October

Asia’s base oils demand likely to stay muted amid expectations of ready availability of supply and waning consumption at year-end. Recent...

Base Oil News

Shifting Barrels: Inside India’s Painful Rebalance Away from Russian Crude

​Trump sanctions on Russian oil producers Rosneft and Lukoil will force India to cut imports, leading to higher costs and lower margins as they...

Nimish Maheshwari

Trump sanctions on Russian oil producers Rosneft and Lukoil will force India to cut imports, leading to higher costs and lower margins as they...