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>Surge in Group II cargo loadings from Taiwan at end-July extended into early August, with a wave of shipments moving mostly to Southeast Asian markets, including the Philippines and Indonesia.</li><li>Cargo loaded from South Korea in early-July before heading to the US Gulf coast, arrived in recent days.</li><li>Singapore took delivery in the past week of its largest cargo from the UAE since last September, despite ongoing disruption to Middle East shipping.</li></ul>

Surge in Group II cargo loadings from Taiwan at end-July extended into early August, with a wave of shipments moving mostly to Southeast Asian markets, including the Philippines and Indonesia.Cargo loaded from South Korea in early-July before heading to the US Gulf coast, arrived in recent days.Singapore took delivery in the past week of its largest cargo from the UAE since last September, despite ongoing disruption to Middle East shipping.

Global Base Oils Cargo Flows: Week To 7 August

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

bp reported Q325 underlying replacement cost (RC) profit of $2.2bn (Q225: $2.4bn), with stronger operating performance partly offset by a higher tax rate (due to regional profit mix changes). Operating cash flow rose to $7.8bn from $6.3bn, supported by a working capital release of around $0.9bn compared to a $1.4bn build last quarter. Net debt remained stable at $26.1bn, despite redeeming $1.2bn in hybrid bonds. The dividend was maintained at 8.32c per share, and bp announced a further $0.75bn share buyback to be completed before the Q4 results. Capital expenditure of $3.4bn was consistent with FY25 guidance of around $14.5bn.

bp reported Q325 underlying replacement cost (RC) profit of $2.2bn (Q225: $2.4bn), with stronger operating performance partly offset by a higher tax rate (due to regional profit mix changes). Operating cash flow rose to $7.8bn from $6.3bn, supported by a working capital release of around $0.9bn compared to a $1.4bn build last quarter. Net debt remained stable at $26.1bn, despite redeeming $1.2bn in hybrid bonds. The dividend was maintained at 8.32c per share, and bp announced a further $0.75bn share buyback to be completed before the Q4 results. Capital expenditure of $3.4bn was consistent with FY25 guidance of around $14.5bn.

bp — Solid Q325 results, portfolio progress

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production in Austria was 197 boe/d.</li><li>Current production is 270 boe/d.</li><li> Arrow Exploration (AXL LN/CN)C; Target price of £0.55 per share: Reserves addition in Gacheta reservoir at Icaco.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production in Austria was 197 boe/d.Current production is 270 boe/d. Arrow Exploration (AXL LN/CN)C; Target price of £0.55 per share: Reserves addition in Gacheta reservoir at Icaco.

<ul><li>Global base oils markets grew more divided by region as Asia's broad supply softened Middle East disruptions, Europe's premium-grade supply drew on non-Middle East routes, though not enough to ease Group III tightness, and the US stayed structurally tighter.</li></ul><ul><li>Asia's broader supply base limited the impact of Middle East Group III disruptions, while the US stayed structurally tighter.</li><li>Singapore's prolonged production constraints kept imports elevated and exports subdued, giving rival Asian suppliers more time to strengthen relationships with buyers traditionally reliant on Singapore.</li></ul>

Global base oils markets grew more divided by region as Asia's broad supply softened Middle East disruptions, Europe's premium-grade supply drew on non-Middle East routes, though not enough to ease Group III tightness, and the US stayed structurally tighter.Asia's broader supply base limited the impact of Middle East Group III disruptions, while the US stayed structurally tighter.Singapore's prolonged production constraints kept imports elevated and exports subdued, giving rival Asian suppliers more time to strengthen relationships with buyers traditionally reliant on Singapore.

Base Oils and Lubricants: Weekly Global Market Review - 07 Aug '26

bp has provided an update on its hydrocarbon discovery at the Bumerangue block in the pre-salt Santos Basin, offshore Brazil. While the find was first reported in August, yesterday’s confirmation of a c 1,000-metre gross hydrocarbon column, comprising around 100 metres of oil and 900 metres of liquids-rich gas condensate, adds clarity on scale and composition. Liquids are present across the full column. bp reports high-quality rock properties and, significantly, indicates that it believes that the carbon dioxide content in the reservoir can be managed. Although still at an early stage of evaluation, visible progress at Bumerangue is encouraging given its potential scale and its emerging significance within bp’s upstream growth pipeline.

bp has provided an update on its hydrocarbon discovery at the Bumerangue block in the pre-salt Santos Basin, offshore Brazil. While the find was first reported in August, yesterday’s confirmation of a c 1,000-metre gross hydrocarbon column, comprising around 100 metres of oil and 900 metres of liquids-rich gas condensate, adds clarity on scale and composition. Liquids are present across the full column. bp reports high-quality rock properties and, significantly, indicates that it believes that the carbon dioxide content in the reservoir can be managed. Although still at an early stage of evaluation, visible progress at Bumerangue is encouraging given its potential scale and its emerging significance within bp’s upstream growth pipeline.

United Kingdom

BP is a British multinational energy company engaged in the exploration, production, refining, transportation, and marketing of oil and natural gas. It also invests in low-carbon energy solutions such as wind, solar, and hydrogen, and offers products like fuels, lubricants, and petrochemicals. The company is headquartered in London, England, and was founded in 1909.

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BP (BP/ LN)

Global Base Oils Cargo Flows: Week To 7 August

Surge in Group II cargo loadings from Taiwan at end-July extended into early August, with a wave of shipments moving mostly to Southeast Asian...

Base Oil News

bp — Solid Q325 results, portfolio progress

bp reported Q325 underlying replacement cost (RC) profit of $2.2bn (Q225: $2.4bn), with stronger operating performance partly offset by a higher...

Edison Investment Research

AUCTUS ON FRIDAY - 07.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production...

Auctus Advisors

Base Oils and Lubricants: Weekly Global Market Review - 07 Aug '26

Global base oils markets grew more divided by region as Asia's broad supply softened Middle East disruptions, Europe's premium-grade supply drew...

Base Oil News

bp — bp updates Bumerangue

bp has provided an update on its hydrocarbon discovery at the Bumerangue block in the pre-salt Santos Basin, offshore Brazil. While the find was...

Edison Investment Research

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