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>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

<ul><li>Cargo-loadings from Taiwan extended their rebound, with a surge in shipments in the last 10 days of July.</li><li>Cargo carrying a combination of Group II light and heavy grades loaded from Taiwan in the past week before heading to South Korea.</li><li>Shipments from Taiwan to South Korea often then move on to other markets like the Americas.</li></ul>

Cargo-loadings from Taiwan extended their rebound, with a surge in shipments in the last 10 days of July.Cargo carrying a combination of Group II light and heavy grades loaded from Taiwan in the past week before heading to South Korea.Shipments from Taiwan to South Korea often then move on to other markets like the Americas.

Global Base Oils Cargo Flows: Week To 31 July

Middle East Group III disruptions entered a sixth month, keeping exports at multi-year lows, while maintenance among other Group III producers threatened to tighten supply further. South Korea and India continued filling part of the shortfall, Singapore became a net base oils importer for the first time in five years, and slower replacement cargoes from Europe and the US pointed to limited spare supply ahead of August.

Middle East Group III disruptions entered a sixth month, keeping exports at multi-year lows, while maintenance among other Group III producers threatened to tighten supply further. South Korea and India continued filling part of the shortfall, Singapore became a net base oils importer for the first time in five years, and slower replacement cargoes from Europe and the US pointed to limited spare supply ahead of August.

Base Oils and Lubricants: Weekly Global Market Review - 31 Jul '26

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.

<ul>
<li>Refining margins have become the key driver of energy profits as tight fuel markets, limited spare capacity, and geopolitical disruptions reshape the downstream outlook.</li>
<li>Refiners are capturing outsized profits as product markets remain tighter than crude, with delayed capacity recovery and supply disruptions supporting elevated crack spreads into Q3.</li>
<li>Refining margins are unlikely to normalise quickly, as refinery disruptions in the Middle East and Russia, coupled with limited spare capacity, continue to constrain global fuel supplies.</li>
</ul>


Refining margins have become the key driver of energy profits as tight fuel markets, limited spare capacity, and geopolitical disruptions reshape the downstream outlook.
Refiners are capturing outsized profits as product markets remain tighter than crude, with delayed capacity recovery and supply disruptions supporting elevated crack spreads into Q3.
Refining margins are unlikely to normalise quickly, as refinery disruptions in the Middle East and Russia, coupled with limited spare capacity, continue to constrain global fuel supplies.


The Refining Advantage: Why Fuel Markets, Not Crude Oil, Are Driving Energy Profits

<ul><li>The Group III shortage continued reshaping global trade flows, as Asia increasingly steps in to fill the gap.</li><li>Asia showed tentative signs of export recovery, with Singapore shipments picking up and Taiwan loadings improving after two months of disruption.</li><li>China's strong June Group III production and base oils exports, together with India's rising shipments, showed Asia increasingly filling supply gaps left by the Middle East.</li></ul>

The Group III shortage continued reshaping global trade flows, as Asia increasingly steps in to fill the gap.Asia showed tentative signs of export recovery, with Singapore shipments picking up and Taiwan loadings improving after two months of disruption.China's strong June Group III production and base oils exports, together with India's rising shipments, showed Asia increasingly filling supply gaps left by the Middle East.

Base Oils and Lubricants: Weekly Global Market Review - 24 Jul '26

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)

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

Global Base Oils Cargo Flows: Week To 31 July

Cargo-loadings from Taiwan extended their rebound, with a surge in shipments in the last 10 days of July. Cargo carrying a combination of Group II...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 31 Jul '26

Middle East Group III disruptions entered a sixth month, keeping exports at multi-year lows, while maintenance among other Group III producers...

Base Oil News

The Refining Advantage: Why Fuel Markets, Not Crude Oil, Are Driving Energy Profits

Refining margins drive energy profits amid tight markets, limited capacity, and geopolitical disruptions, with outsized profits expected to...

Mint Finance

Base Oils and Lubricants: Weekly Global Market Review - 24 Jul '26

The Group III shortage continued reshaping global trade flows, as Asia increasingly steps in to fill the gap. Asia showed tentative signs of...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Global Base Oils Cargo Flows: Week To 31 July

Cargo-loadings from Taiwan extended their rebound, with a surge in shipments in the last 10 days of July. Cargo carrying a combination of Group II...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 31 Jul '26

Middle East Group III disruptions entered a sixth month, keeping exports at multi-year lows, while maintenance among other Group III producers...

Base Oil News

The Refining Advantage: Why Fuel Markets, Not Crude Oil, Are Driving Energy Profits

​Refining margins drive energy profits amid tight markets, limited capacity, and geopolitical disruptions, with outsized profits expected to...

Mint Finance

Base Oils and Lubricants: Weekly Global Market Review - 24 Jul '26

The Group III shortage continued reshaping global trade flows, as Asia increasingly steps in to fill the gap. Asia showed tentative signs of...

Base Oil News

Refining margins drive energy profits amid tight markets, limited capacity, and geopolitical disruptions, with outsized profits expected to...