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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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.

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Commodities

<ul><li>Cargo of light and heavy-grade Group II base oils loaded from Taiwan in recent days before heading to Indonesia, set to arrive next week.</li><li>Taiwan’s base oils exports in first-half May remained lower than during the same period in March and April.</li><li>Singapore took delivery in the past week of a large shipment from northwest Europe that set off from that market in first-half March.</li></ul>

Cargo of light and heavy-grade Group II base oils loaded from Taiwan in recent days before heading to Indonesia, set to arrive next week.Taiwan’s base oils exports in first-half May remained lower than during the same period in March and April.Singapore took delivery in the past week of a large shipment from northwest Europe that set off from that market in first-half March.

Global Base Oils Cargo Flows: Week To 15 May

Equity & Credit Research

Duncan Chan

Thematic (Sector/Industry)

<ul>
<li>Offshore markets softened alongside weaker oil prices and demand expectations, but producers still appear increasingly focused on long-duration supply resilience and spare-capacity stability.</li>
<li>High-Specification offshore rigs remain structurally constrained after years of underinvestment, fleet retirements and limited replacement capacity following the 2014–2020 offshore downturn.</li>
<li>Offshore utilisation and day-rate momentum softened materially after the 2024 tightening phase, although premium offshore assets continue benefiting from constrained replacement capacity, backlog visibility and limited newbuild activity.</li>
</ul>


Offshore markets softened alongside weaker oil prices and demand expectations, but producers still appear increasingly focused on long-duration supply resilience and spare-capacity stability.
High-Specification offshore rigs remain structurally constrained after years of underinvestment, fleet retirements and limited replacement capacity following the 2014–2020 offshore downturn.
Offshore utilisation and day-rate momentum softened materially after the 2024 tightening phase, although premium offshore assets continue benefiting from constrained replacement capacity, backlog visibility and limited newbuild activity.


Oil Rigs: Offshore Supply Security Is Reshaping The Rig Market

<ul><li>March base oils and lubricants demand surged across Asia, Europe and the US — accelerating stockbuilding, tightening balances and deferring the supply reckoning into Q2</li><li>Japan, Thailand and Southeast Asia absorbed available supply through accelerated buying — leaving refiners with depleted inventories despite higher output and exports</li><li>Asia's March exports hit a three-year high, absorbing regional surplus and keeping markets balanced — but disruptions since late February have flipped concern from oversupply to tightening</li></ul>

March base oils and lubricants demand surged across Asia, Europe and the US — accelerating stockbuilding, tightening balances and deferring the supply reckoning into Q2Japan, Thailand and Southeast Asia absorbed available supply through accelerated buying — leaving refiners with depleted inventories despite higher output and exportsAsia's March exports hit a three-year high, absorbing regional surplus and keeping markets balanced — but disruptions since late February have flipped concern from oversupply to tightening

Base Oils and Lubricants: Weekly Global Market Review - 8 May '26

<ul><li>Cargo of Group II light and heavy grades loaded from Taiwan in early May before heading to Singapore, set to arrive early next week.</li><li>Cargo loadings from Taiwan in early May remained below levels in the first ten days of April.</li><li>Singapore took delivery in the past week of the first cargo from Saudi Arabia since November 2025.</li></ul>

Cargo of Group II light and heavy grades loaded from Taiwan in early May before heading to Singapore, set to arrive early next week.Cargo loadings from Taiwan in early May remained below levels in the first ten days of April.Singapore took delivery in the past week of the first cargo from Saudi Arabia since November 2025.

Global Base Oils Cargo Flows: Week To 8 May

<ul><li>Cargo of Group II base oils loaded from Taiwan in past week before heading to China.</li><li>Taiwan’s total exports slowed markedly in second-half April, leaving the full-month volume well below March levels.</li><li>Small cargo of Group II heavy grades set to load from Taiwan in early May, with Southeast Asia the likely destination.</li></ul>

Cargo of Group II base oils loaded from Taiwan in past week before heading to China.Taiwan’s total exports slowed markedly in second-half April, leaving the full-month volume well below March levels.Small cargo of Group II heavy grades set to load from Taiwan in early May, with Southeast Asia the likely destination.

Global Base Oils Cargo Flows: Week To 30 April

United States

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis.  The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

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Exxon Mobil (XOM US)

Global Base Oils Cargo Flows: Week To 15 May

Cargo of light and heavy-grade Group II base oils loaded from Taiwan in recent days before heading to Indonesia, set to arrive next week. Taiwan’s...

Base Oil News

Oil Rigs: Offshore Supply Security Is Reshaping The Rig Market

Offshore rig markets are softening cyclically, but long-duration supply replacement remains structurally slow after years of underinvestment and...

Duncan Chan

Base Oils and Lubricants: Weekly Global Market Review - 8 May '26

March base oils and lubricants demand surged across Asia, Europe and the US — accelerating stockbuilding, tightening balances and deferring the...

Base Oil News

Global Base Oils Cargo Flows: Week To 8 May

Cargo of Group II light and heavy grades loaded from Taiwan in early May before heading to Singapore, set to arrive early next week. Cargo...

Base Oil News

Global Base Oils Cargo Flows: Week To 30 April

Cargo of Group II base oils loaded from Taiwan in past week before heading to China. Taiwan’s total exports slowed markedly in second-half April,...

Base Oil News

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