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>Europe's supply held relatively steady at more than 370,000 tonnes, close to where it has stood for most of the past six months.</li><li>Americas supply dipped as plant maintenance in Brazil combined with US output falling to a 14-month low.</li><li>Middle East supply fell to its lowest level in more than seven years, with a slump in Group III shipments outweighing a rise in flows from Saudi Arabia.</li></ul>

Europe's supply held relatively steady at more than 370,000 tonnes, close to where it has stood for most of the past six months.Americas supply dipped as plant maintenance in Brazil combined with US output falling to a 14-month low.Middle East supply fell to its lowest level in more than seven years, with a slump in Group III shipments outweighing a rise in flows from Saudi Arabia.

Global Base Oils Supply Falls To 16-Month Low In June

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>TotalEnergies is facing a test that looks straightforward on the surface but becomes more complicated once the financial model is examined in detail.</li><li>The headline risk is clear: disruption tied to the Middle East has affected a meaningful part of the company’s operating footprint, including shutdowns or planned shutdowns in Qatar, Iraq, and offshore UAE, as well as damage at the Satorp refinery complex in Saudi Arabia.</li><li>That has put assets linked to roughly 15% of group output and around 10% of upstream cash flow under pressure, which is enough to draw immediate attention from both income-focused investors and global energy analysts.</li></ul>

TotalEnergies is facing a test that looks straightforward on the surface but becomes more complicated once the financial model is examined in detail.The headline risk is clear: disruption tied to the Middle East has affected a meaningful part of the company’s operating footprint, including shutdowns or planned shutdowns in Qatar, Iraq, and offshore UAE, as well as damage at the Satorp refinery complex in Saudi Arabia.That has put assets linked to roughly 15% of group output and around 10% of upstream cash flow under pressure, which is enough to draw immediate attention from both income-focused investors and global energy analysts.

TotalEnergies Faces 15% Disruption—But Is Its Cash Flow Stronger Than Investors Think?

<ul><li>Middle East disruption is drawing more Asian base oils toward the Americas, reducing the surplus normally available in Asia just as seasonal demand starts to recover</li></ul><ul><li>Middle East disruption is leaving the US short of the Group III volumes it normally receives, tightening its balance at a time when summer surplus would otherwise move to export markets.</li><li>Wide US arbitrage is drawing more Asian base oils toward the Americas, adding to established Group III flows.</li></ul>

Middle East disruption is drawing more Asian base oils toward the Americas, reducing the surplus normally available in Asia just as seasonal demand starts to recoverMiddle East disruption is leaving the US short of the Group III volumes it normally receives, tightening its balance at a time when summer surplus would otherwise move to export markets.Wide US arbitrage is drawing more Asian base oils toward the Americas, adding to established Group III flows.

Base Oils and Lubricants: Weekly Global Market Review - 4 Sept '26

<ul><li>A large cargo of Group II base oils loaded from Taiwan in late August before heading to South Korea, set to arrive this week.</li><li>Shipments from Taiwan typically move to China, Southeast Asia or India rather than to South Korea.</li><li>Singapore-to-US shipments extended their surge for a second week, even as total Singapore exports declined.</li></ul>

A large cargo of Group II base oils loaded from Taiwan in late August before heading to South Korea, set to arrive this week.Shipments from Taiwan typically move to China, Southeast Asia or India rather than to South Korea.Singapore-to-US shipments extended their surge for a second week, even as total Singapore exports declined.

Global Base Oils Cargo Flows: Week To 4 September

<ul><li>TotalEnergies delivered a comprehensive set of results for 2025, highlighting both achievements and challenges as the company progresses into 2026.</li><li>The company's integrated strategy centered around oil, gas, and LNG exhibited resilience, albeit with mixed performance indicators.</li><li>On the positive side, TotalEnergies achieved significant growth in its upstream segment, with a 4% increase in production, surpassing guidance and highlighting the strategic efficacy of recent investments.</li></ul>

TotalEnergies delivered a comprehensive set of results for 2025, highlighting both achievements and challenges as the company progresses into 2026.The company's integrated strategy centered around oil, gas, and LNG exhibited resilience, albeit with mixed performance indicators.On the positive side, TotalEnergies achieved significant growth in its upstream segment, with a 4% increase in production, surpassing guidance and highlighting the strategic efficacy of recent investments.

TotalEnergies: Can Qatar, Nigeria, and Mozambique Reshape Its Global LNG Dominance?

France

TotalEnergies SE operates as an energy company. The Company produces, transports, and supplies crude oil, natural gas, and low carbon electricity, as well as refines petrochemical products. TotalEnergies owns and manages gasoline filling stations worldwide.

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TotalEnergies (TTE US)

Global Base Oils Supply Falls To 16-Month Low In June

Europe's supply held relatively steady at more than 370,000 tonnes, close to where it has stood for most of the past six months. Americas supply...

Base Oil News

TotalEnergies Faces 15% Disruption—But Is Its Cash Flow Stronger Than Investors Think?

TotalEnergies is facing a test that looks straightforward on the surface but becomes more complicated once the financial model is examined in...

Baptista Research

Base Oils and Lubricants: Weekly Global Market Review - 4 Sept '26

Middle East disruption is drawing more Asian base oils toward the Americas, reducing the surplus normally available in Asia just as seasonal...

Base Oil News

Global Base Oils Cargo Flows: Week To 4 September

A large cargo of Group II base oils loaded from Taiwan in late August before heading to South Korea, set to arrive this week. Shipments from...

Base Oil News

TotalEnergies: Can Qatar, Nigeria, and Mozambique Reshape Its Global LNG Dominance?

TotalEnergies delivered a comprehensive set of results for 2025, highlighting both achievements and challenges as the company progresses into...

Baptista Research

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Market Cap (USDm)

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