Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>Major Western oil giants posted strong Q3 2025 profits as surging refining margins and trading gains offset volatility and sustained production strength.</li>
<li>Ukrainian strikes and escalating Western sanctions on Russia tightened global product supply, pushing refining margins higher and supporting downstream earnings.</li>
<li>Refining margins are likely to stay elevated as prolonged sanctions, supply disruptions, and seasonal maintenance sustain tightness despite potential demand headwinds.</li>
</ul>


Major Western oil giants posted strong Q3 2025 profits as surging refining margins and trading gains offset volatility and sustained production strength.
Ukrainian strikes and escalating Western sanctions on Russia tightened global product supply, pushing refining margins higher and supporting downstream earnings.
Refining margins are likely to stay elevated as prolonged sanctions, supply disruptions, and seasonal maintenance sustain tightness despite potential demand headwinds.


Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

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.

<ul><li>US Group II base oils price-premium to vacuum gasoil (VGO) holds firm.</li><li>Firm price-premium vs VGO contrasts with falling price-premium this time a year ago.</li><li>Firm price-premium incentivizes refiners to maintain or raise output.</li></ul>

US Group II base oils price-premium to vacuum gasoil (VGO) holds firm.Firm price-premium vs VGO contrasts with falling price-premium this time a year ago.Firm price-premium incentivizes refiners to maintain or raise output.

Americas/EMEA base oils supply outlook: Week of 3 November

<ul><li>US base oils demand likely to weaken over coming weeks amid seasonal slowdown in requirements and expected rise in supply.</li><li>US Group II domestic price-premium to export prices stay in narrow range at time of year when it typically widens.</li><li>Steady domestic price-premium points to more balanced fundamentals, curbs pressure on any imminent adjustment in those domestic prices.</li></ul>

US base oils demand likely to weaken over coming weeks amid seasonal slowdown in requirements and expected rise in supply.US Group II domestic price-premium to export prices stay in narrow range at time of year when it typically widens.Steady domestic price-premium points to more balanced fundamentals, curbs pressure on any imminent adjustment in those domestic prices.

Americas/EMEA base oils demand outlook: Week of 3 November

<ul>
<li>US base oils demand likely to stay muted amid expectations of waning end-user consumption and improving supply in coming weeks.</li>
<li>US base oils demand typically falls in month of November from October.</li>
<li>Prospect of slowdown in demand would coincide with rise in supply following expected completion of plant-maintenance in H1 Nov 2025.</li>
</ul>


US base oils demand likely to stay muted amid expectations of waning end-user consumption and improving supply in coming weeks.
US base oils demand typically falls in month of November from October.
Prospect of slowdown in demand would coincide with rise in supply following expected completion of plant-maintenance in H1 Nov 2025.


Americas/EMEA base oils demand outlook: Week of 27 October

<ul>
<li>US Group II base oils prices hold firm vs VGO prices.</li>
<li>Firm base oils margins sustain incentive for refiners to maintain high output.</li>
<li>Supply set to get further boost following expected completion of plant-maintenance in H1 Nov 2025.</li>
</ul>


US Group II base oils prices hold firm vs VGO prices.
Firm base oils margins sustain incentive for refiners to maintain high output.
Supply set to get further boost following expected completion of plant-maintenance in H1 Nov 2025.


Americas/EMEA base oils supply outlook: Week of 27 October

France

TOTAL S.A. explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. TOTAL operates gasoline filling stations in Europe, the United States, and Africa.

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TotalEnergies (TTE FP)

Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....

Mint Finance

Americas/EMEA base oils supply outlook: Week of 3 November

US Group II base oils price-premium to vacuum gasoil (VGO) holds firm. Firm price-premium vs VGO contrasts with falling price-premium this time a...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 3 November

US base oils demand likely to weaken over coming weeks amid seasonal slowdown in requirements and expected rise in supply. US Group II domestic...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 27 October

US base oils demand likely to stay muted amid expectations of waning end-user consumption and improving supply in coming weeks. US base oils...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 27 October

US Group II base oils prices hold firm vs VGO prices. Firm base oils margins sustain incentive for refiners to maintain high output. Supply set to...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

​Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....

Mint Finance

Americas/EMEA base oils supply outlook: Week of 3 November

US Group II base oils price-premium to vacuum gasoil (VGO) holds firm. Firm price-premium vs VGO contrasts with falling price-premium this time a...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 3 November

US base oils demand likely to weaken over coming weeks amid seasonal slowdown in requirements and expected rise in supply. US Group II domestic...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 27 October

US base oils demand likely to stay muted amid expectations of waning end-user consumption and improving supply in coming weeks. US base oils...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 27 October

US Group II base oils prices hold firm vs VGO prices. Firm base oils margins sustain incentive for refiners to maintain high output. Supply set to...

Base Oil News

Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....