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Latest market news

Singapore’s Aug base oil imports hit one-year high

  • Market: Oil products
  • 08/10/24

Singapore's base oil imports rose for the fourth consecutive month, boosting volumes to the highest since August 2023 and above the five-year monthly average of 66,000t, GTT data show.

  • Imports rose on the back of stronger factory activity, which grew at the fastest rate since June 2021. Manufacturing output increased by 21pc on the year, and by 6.7pc on a seasonally adjusted month-on-month basis, according to data from the Economic Development Board.
  • Qatari supplies almost tripled compared to a month earlier, as well as compared to the five-year monthly average of 7,800t — making up for a shortfall in South Korean cargoes. Both Qatar and South Korea produce premium-grade supplies, while Singapore's refineries produce Group I and II base oils.
  • Russian bulk volumes were imported for the first time in almost three years, with the last shipment above 1,000t recorded in October 2021. Exports from Russia to Singapore have declined in size and frequency since late 2021.
  • Russian exports are typically for Group I base oils as the country is predominantly a Group I producer, and it is subject to a price cap of $100/bl if they rely on western service providers for insurance, shipping or finance.
  • Asia's structural shortage of Group I base oils likely supported interest in Russian cargoes, despite greater logistics or financing challenges in procuring the latter.

By Tara Tang

Singapore's base oil importst
Aug'24m-o-m ± %y-o-y ± %Jan-Aug'24y-o-y ± %
Qatar21,353171.9268.2110,646117.8
Russia12,4173,004.2NA12,873NA
US9,082-37.5331.259,6761,148.5
South Korea4,368-69.7-70.474,010-16.1
Thailand4,2825.7123.526,1901.3
Total68,60015.2-13.9400,239-22.4
Source: GTT
Total includes all countries, not just those listed
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News
22/05/26

War halves Kuwaiti oil products output, export in March

War halves Kuwaiti oil products output, export in March

Dubai, 22 May (Argus) — Kuwait's refinery output dropped by roughly half and exports by more than half in March, following the start of the US-Iran war on 28 February, which caused damage to Kuwait's oil infrastructure. Joint Organisations Data Initiative (Jodi) updates show that Kuwait's refinery production, excluding LPG, stood at just 627,000 b/d in March, its lowest since at least October 2022. Kuwait normally produces close to 1.1mn b/d, and in February its output reached an all-time high of 1.31mn b/d, according to Jodi data that goes back to 2002. Middle distillates and naphtha output were most affected. Jet fuel production fell by 58pc and gasoil by 45pc compared with average 2025 outputs, while naphtha dropped by 73pc. Fuel oil production was down by 17pc, while gasoline was the only oil product that increased compared with 2025, by 20pc. Kuwait's refining infrastructure was repeatedly hit by Iranian drone attacks in March and April. The 346,000 b/d Mina al Ahmadi refinery was hit on 3 April , after being hit on 19 and 20 March , and on 2 March, while 454,000 b/d Mina Abdullah was also struck on 19 March . Kuwait also operates the 615,000 b/d al-Zour refinery, but no direct hits have been reported there. The exact extent of the refinery damage has not been specified, making it difficult to assess the impact on operations. But at the end of March some units were shut at Mina al Ahmadi and Mina Abdullah was fully offline — it is now set to return online by 30 June — while al-Zour was operating at around 50pc capacity. Plant run rates could have also been lowered in response to the ongoing blockade of the strait of Hormuz, which continues to prevent refineries in the Mideast Gulf from exporting oil products. Kuwait's total oil product exports dropped by 60pc in March, compared with the average in 2025, Jodi data show. Middle distillates again suffered the biggest losses, with an around 78pc drop in jet fuel and 63pc drop in diesel exports. Naphtha exports fell by 59pc and fuel oil by 32pc, with gasoline again the only product marking an increase. The war has also severely disrupted regional and global flight schedules, with most of the countries in the Middle East closing their airspace at the start of the conflict. Kuwait was the last country in the region to announce that its airspace was reopening, on 24 April — nearly two months after shutting it, and is only starting the resumption of full operations at its international airport from 1 June . The flight disruption has sharply curtailed Kuwaiti jet fuel demand, which dropped to just 1,000 b/d in March, compared with an average 19,000 b/d in 2025. By Ieva Paldaviciute Exports 000 b/d Mar-26 2025 ±% Gasoline 17 2 963 Naphtha 67 165 -59 Jet-Kerosine 57 260 -78 Gasoil 106 289 -63 Fuel Oil 87 127 -32 Total exports 334 843 -60 Total product exports excludes LPG Jodi Refinery output 000 b/d Mar-26 2025 ±% Gasoline 78 65 20 Naphtha 53 194 -73 Jet-Kerosine 110 262 -58 Gasoil 180 327 -45 Fuel Oil 206 249 -17 Total output 627 1,096 -43 Total refinery output excludes LPG Jodi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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News

Mexico air traffic to rise 4-6pc during World Cup

21/05/26
News
21/05/26

Mexico air traffic to rise 4-6pc during World Cup

Mexico City, 21 May (Argus) — Mexico's passenger air traffic could rise by 4-6pc during the 2026 Fifa World Cup, providing a boost to jet fuel demand despite Mexico hosting only a fraction of tournament matches, financial group Monex said. The uptick would be below the 8-15pc increases recorded by host countries during the 2018 and 2022 World Cups because Mexico is not the tournament's primary host, according to Monex. Mexico will host 13 of the tournament's 104 matches from 11 June-5 July, while the competition will conclude on 19 July in the US. Airport operators are expected to be among the sectors that benefit most from the event. Monex forecasts passenger traffic growth of 3.9pc for operator Asur, 2.3pc for GAP and 7.3pc for OMA in 2026, with the World Cup serving as a key catalyst. Asur's largest airport is Cancun, while GAP and OMA's flagship airports are Guadalajara and Monterrey, respectively. Both cities are among the three Mexican host cities for the tournament. The increase in passenger traffic is likely to support jet fuel consumption , which has already been growing this year. Low-cost airlines Viva and Volaris have been expanding seat availability as more aircraft return to service , creating additional upside for traffic at Mexico City's international airport. Monex expects the tourism boost associated with the World Cup to extend into 2027, forecasting average passenger traffic growth of 4-5pc across Mexico's main airport groups. By Antonio Gozain Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

US refiners boost jet fuel to near record levels

21/05/26
News
21/05/26

US refiners boost jet fuel to near record levels

Houston, 21 May (Argus) — US refiners are pumping out jet fuel at a near-record pace as global demand surges because of Iran-war related supply disruptions. US jet fuel output has reached above 2mn b/d in recent weeks , as refiners have added capacity and maximized yields, according to Energy Information Administration (EIA) estimates. The output is nearing the record weekly high of about 2.1mn bl set in July 2024. Jet fuel production has increased by nearly 290,000 b/d since the start of the US-Israel war on Iran on 28 February, the EIA data show. The conflict has choked off oil and products supply through the strait of Hormuz and damaged energy infrastructure, causing soaring fuel prices. US refiners expect high margins to continue at least through the end of 2026. Independent refiner Marathon Petroleum increased jet fuel capacity by 30,000 b/d at its 606,000 b/d Garyville refinery in Louisiana in March and plans to boost jet fuel capacity at its 253,000 b/d Robinson refinery in Illinois by 10,000 b/d in the third quarter. US refiner Valero has also maximized jet production in its system, increasing yields to more than 30pc of total distillates in March, up from an average of 26pc, chief operating officer Gary Simmons said on a first quarter earnings call. Valero plans to push two more refineries into "jet production mode" to increase yields even further, he said. Refiner HF Sinclair put into service a project that allows it to swing about 7,000 b/d between diesel and jet fuel at its 145,000 b/d Puget Sound refinery in Anacortes, Washington. The project is helping to supply the US west coast and Latin America, HF Sinclair said. The jet fuel production boost is not limited to the US. Canadian integrated energy company Suncor in December started producing jet fuel at its 137,000 b/d Montreal refinery in Quebec, with the potential to grow it up to 16,000 b/d. The original plan was to sell it domestically into airports in Montreal and Ottawa, but then the company saw the "unique market blowout" in the first quarter which continued into the second quarter "where jet fuel became short in certain markets", executive vice president of downstream Dave Oldreive said in a first quarter earnings call. Suncor earlier this month sold jet fuel into Rotterdam in the Netherlands, he said. Europe has sought replacement supplies following the strait of Hormuz disruptions. Jet fuel prices in the US climbed to record highs in March and early April following the start of the war. At the US Gulf coast, jet fuel prices reached an all-time high of $4.73/USG on 2 April, the highest price since Argus launched its assessment in 1994. Overall US jet fuel prices are expected to average $3.33/USG in 2026, the EIA said in its latest monthly Short-Term Energy Outlook (STEO) on 12 May. That forecast is up by 74pc from the EIA's estimate before the war. Airlines pay the price Jet fuel costs for all US airlines in March averaged $3.13/USG, up by 30pc from the same month in 2025, according to Bureau of Transportation Statistics data released on 6 May. Some airlines are limiting capacity because of the higher prices. United Airlines plans to reduce its flight capacity by five percentage points in 2026 as its first quarter jet fuel costs averaged $2.78/USG, up by nearly 10pc from the first quarter of 2025. Delta Air Lines expects its jet fuel costs to roughly double in the second quarter and will keep capacity flat year-over-year "until the fuel environment improves," chief executive Ed Bastian said on a first quarter earnings call last month. Another large US carrier, American Airlines, expects its jet fuel costs to increase by $4bn in 2026 compared to previous plans. One beleaguered US airline said it could not survive the rising prices. US low-cost carrier Spirit Airlines permanently shuttered its operations on 2 May, citing higher jet fuel costs, after filing for bankruptcy protection twice since 2024. By Eunice Bridges and Hunter Fite Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Market flags ARA bunker quality concerns

21/05/26
News
21/05/26

Market flags ARA bunker quality concerns

London, 21 May (Argus) — Marine fuel buyers have raised concerns over bunker fuel quality in the Amsterdam-Rotterdam-Antwerp (ARA) hub. It comes after testing firm Veritas Petroleum Services (VPS) issued an alert on 10 May flagging elevated sediment levels in high-sulphur fuel oil (HSFO) deliveries in Rotterdam. Several market participants in ARA said some producers may have been using lower-quality blending components in recent weeks. Some suggested shale oil may have been used in marine fuel production, which they said may have contributed to higher total sediment potential (TSP) in some finished product. These assessments could not be independently confirmed. VPS has, however, identified elevated sediment levels in HSFO deliveries in Rotterdam, stating that between 6 April and 7 May it tested several cargoes with TSP measured at up to 0.90pc m/m. Higher sediment levels can increase sludge formation, reducing the efficiency of onboard fuel treatment systems. The alert also said many samples exhibited "elevated density", which may complicate treatment for vessels fitted with conventional separators. There is no clear evidence that high TSP levels have been found in bunkers beyond Rotterdam. While the ISO 8217 specification caps TSP at 0.10pc, traders said some deliveries in the region have exhibited significantly higher levels, raising the risk of off-specification cargoes. The Port of Rotterdam Authority said it "does not have a role in the quality control or operational assurance of bunker fuels and will therefore not issue specific warnings to the market", adding that responsibility lies primarily with suppliers and buyers. It referred enforcement to the Netherlands' Human Environment and Transport Inspectorate (ILT). Argus has contacted ILT for comment. The market could see an increase in claims from buyers over off-specification bunkers, one trader said, adding that affected volumes loaded on refuelling ships may need to be debunkered. Participants said higher-quality components are being diverted away from ARA to blending tanks in ports on Saudi Arabia's west coast and in Africa, contributing to tighter availability in the region. Some suppliers are maintaining fuel quality by paying higher premiums for blendstocks, while others are opting for lower-quality alternatives, they said. An analyst said this tightening is being reinforced by falling availability of mid-range sulphur fuel oil components in Europe , as refiners divert streams typically used in bunker blending into middle distillate feedstocks and process them through hydrocrackers. Distillate margins are elevated, supported by disruption to Mideast Gulf supplies, prompting European refiners to maximise diesel and jet output. Tightening availability of suitable blending components in ARA is likely to persist in the near term, raising concerns over continued variability in fuel quality. By Natália Coelho and Bob Wigin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

UN backs ICJ climate ruling, key oil nations opposed

21/05/26
News
21/05/26

UN backs ICJ climate ruling, key oil nations opposed

Edinburgh, 21 May (Argus) — The UN general assembly has adopted a resolution welcoming an International Court of Justice (ICJ) advisory opinion on the obligations of countries to protect the environment from greenhouse gas (GHG) emissions, with only eight countries opposing — including the three largest oil producers the US, Saudi Arabia and Russia. Pacific island nation Vanuatu put forward the resolution to the UN general assembly, saying "the ICJ advisory opinion confirms that the protection of the climate system is a matter of legal obligation not political discretion". It was adopted on Wednesday, 20 May, with 141 votes in favour, including the world's largest GHG emitter China, eight against and 28 abstentions. Belarus, Iran, Israel, Liberia, Russia, Saudi Arabia, the US and Yemen voted against. The ICJ last year determined in an advisory opinion that all countries have an obligation to contribute to cutting emissions. This is not legally binding but could open door for more climate litigation . ICJ advisory opinions "carry significant legal and moral authority — helping to clarify and develop international law by defining states' legal obligations", the UN said. The UN resolution adopted calls on UN member states "to take all possible steps to avoid causing significant damage to the climate and environment, including emissions produced within their borders, and to follow through on their existing climate pledges under the Paris Agreement". Adoption "sends a strong message that tackling the climate crisis is a legal duty under international law, and not just a political choice," the UN said. The US opposed the resolution, with its representative saying the country has many concerns about the court's opinion. The US noted the resolution includes "inappropriate political demands relating to fossil fuels". Countries such as India, Saudi Arabia, Iraq and Algeria said the resolution failed to address the obligations on the provision of finance to developing countries, saying the focus was "disproportionally" on mitigation. India, Iraq and Algeria abstained. Russia said the resolution is an attempt to make ICJ opinion "mandatory in nature". It added the resolution "selectively cites the conclusion of the advisory opinion" and the outcomes of the UN climate conferences Cops, ignoring finance and adaptation — adjusting to the effects of climate change where possible. Algeria said the resolution is excessively "highlighting and rewriting" decisions from previous Cop outcomes. The text urges members to implement measures to keep the global temperature increase to 1.5°C, including tripling renewable energy capacity and doubling the global average annual rate of energy efficiency by 2030, transitioning away from fossil fuels and phasing out inefficient fossil fuel subsidies which were agreed at Cop 28 in Dubai. The UAE voted in favour of the resolution. Brazil, the Cop 30 president, also adopted the resolution, while Turkey, which will host Cop 31 in Antalya later this year, abstained. Australia, which will preside on negotiations of Cop 31, supported the resolution but said it should not be "interpreted as our agreement with every element of the advisory opinion". By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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