API grants formula relief, lubricant reactions mixed

Spanish Market: Oil products
27/03/26

US base oil suppliers and finished lubricant blenders are optimistic that recent formulation relief being given will help with some supply shortages, but reported that there will still be sectors facing severe cutbacks to availability.

The US-based Independent Lubricant Manufacturers Association (ILMA) made the request for the emergency relief on 13 March.

Group III base oil availability in the US has been severely curtailed by a shutdown of shipments from the Mideast Gulf and reduced output from South Korea. The US is a net importer of Group III base oils, which are typically required for full-synthetic and semi-synthetic engine oil formulations.

The API activated its emergency provisional licensing (EPL) for blenders who follow engine oil licensing and certification systems (EOLCS), particularly for Group III base oil-based lubricants.

This would allow blenders to utilize varying Group III grades and brands outside of their specified approvals.

ILMA specified the formulation relief will not allow blenders to substitute Group II/II+ grades into Group III blends or be marketed as a synthetic product.

Market feedback has been mixed following the initial request and approval. Multiple market participants are unsure that the relief will change formulating abilities because blenders will still need to reach specifications.

This could require more tests to determine how much unapproved Group III and additive amounts are required for new formulations.

However, others are wary of less Group III availability and are supportive of any sort of relief to help secure long-term contractual obligations.

Some original equipment manufacturers (OEMs) remain unwilling to accept formulations outside of specified approvals.

Multiple blenders reported that without OEM approval for flexibility, there will be increasing possibilities of shortages of full-synthetic and semi-synthetic lubricants.

By Karly Lamm and John Dietrich

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01/04/26

Iran, US presidents trade peace requirements: Update 2

adds Iranian denial of ceasefire request in paragraph 4 London, 1 April (Argus) — The presidents of Iran and the US have each laid out simple conditions required in order for the war to de-escalate, but neither indicated they would take the first step. Iranian president Masoud Pezeshkian said late on 31 March that Tehran has the "necessary will" to bring the conflict with the US and Israel to an end, but only once it has ironclad guarantees that they will not attack Iran in the future. On Wednesday, US President Donald Trump said "Iran's new regime president" — presumably Pezeshkian, but this was not specified — has asked Washington for a ceasefire, but said this request would only be considered when Iran reopens shipping through the strait of Hormuz. Until then the US would continue its military campaign, Trump said. Iran's foreign ministry spokesman has since described Trump's claim of a ceasefire request as "false and baseless", according to Iranian state news agency Press TV. This would be consistent with Tehran's recent stance. Iranian officials, including foreign minister Abbas Araqchi, have repeatedly said Iran is not looking for a ceasefire, but wants a total end to hostilities. They have said a ceasefire will allow for the US and Israel to once again regroup and prepare for future attacks. "We do not believe in a ceasefire," Araqchi said. "We believe in ending the war." The US has been claiming negotiations with unidentified Iranian officials since last week, repeatedly remarking on "very good" progress. Iranian officials have consistently denied that any negotiations are underway. Trump is scheduled to address the US to "provide an important update on Iran" at 21:00 ET on Wednesday (02:00 GMT on Thursday), the White House said. He said on 31 March that US forces could leave the region within two to three weeks. Hormuz disruption The war in the Middle East is in a fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran. Tehran has been responding to the attacks by launching missiles and drones at Israel and US-linked assets across the Mideast Gulf, including critical energy infrastructure in Gulf Co-operation Council states. Iranian retaliatory attacks on commercial vessels in and around the strait of Hormuz have heavily restricted traffic through the key waterway, severely curtailing exports of crude oil, oil products, LNG, fertilizers and other commodities from the region. Pezeshkian reiterated that the strait is only closed to vessels with links to "Iran's aggressors and their supporters", and several Asian countries, including Malaysia and Thailand, have said in recent days that Tehran has given assurances of safe passage. Pakistan's foreign minister Ishaq Dar said at the weekend that Iran had approved 20 Pakistani-flagged vessels to traverse the strait. Abu Dhabi state-owned Adnoc's chief executive, Sultan al-Jaber, today described the strait's closure as "global extortion", and said "the world must act together to protect the free flow of energy and safeguard economic stability." With the US seemingly preferring other countries to take responsibility for securing the strait, the UK today said it will host this week a meeting of 35 nations' foreign ministers to assess ways of opening the waterway and to make it "accessible and safe after the fighting has stopped". London did not outline which countries are involved, but if they are the same 35 as co-signed a UK letter in mid-March calling for the strait to reopen this would be a new attempt to get an international coalition together. In the early days of the war France said it would create a coalition to secure vessel traffic through Hormuz, but Paris later backtracked on that , in line with the broader EU stance . By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Politik fordert mehr Produktion stützt aber auch Konsum

01/04/26

Politik fordert mehr Produktion stützt aber auch Konsum

Hamburg, 1 April (Argus) — Die Europäische Kommission hat empfohlen, dass "nicht-notwendige Raffineriewartungen" in Europa verschoben werden könnten und rief zur Kraftstoffeinsparung auf. Marktteilnehmer geben jedoch zu Bedenken, dass bereits getroffene staatliche Markteingriffe zur Begrenzung von Preisanstiegen für Endverbraucher dazu führen, dass die Nachfrage künstlich gestützt wird. Dies würde insbesondere für Diesel zu einem erhöhtem Importbedarf führen, was die preisreduzierenden Maßnahmen wieder wettmachen könnte. Die EU fordert die Mitgliedstaaten auf, sich auf eine "möglicherweise lang andauernde Störung" der Versorgung mit Ölprodukten vorzubereiten, die aus dem US-israelischen Krieg gegen den Iran und der damit verbundenen faktischen Schließung der Straße von Hormus resultiert. Energiekommissar Dan Jorgensen sagte den Energieministern, dass die Mitgliedstaaten in der aktuellen Situation Maßnahmen vermeiden sollten, die den Kraftstoffverbrauch erhöhen, den freien Fluss von Ölprodukten einschränken oder die Raffinerieproduktion in der EU behindern. Dem gegenüber stehen aber aus Perspektive von Marktteilnehmern die faktischen Markteingriffe, die auf nationaler Ebene von vielen europäischen Staaten bereits beschlossen wurden (https://direct.argusmedia.com/newsandanalysis/article/2808392), die einen Rückgang der Nachfrage verhindern. Ein verstärkter Einsatz von Biokraftstoffen könne fossile Kraftstoffe ersetzen und den Druck auf die Märkte mindern, so Jorgensen. Gleichzeitig forderte er Maßnahmen zur Begrenzung der Nachfrage, insbesondere im Verkehrssektor. Beispielsweise werden die USA heimischen Raffinerien und Kraftstoffhändlern ab Mai in einigen Bundesstaaten erlauben, eine Benzinmischung mit einem höheren Ethanolanteil als üblich zu verkaufen, und darüber hinaus weitere Kraftstoffregeln aussetzen — ebenfalls als Reaktion auf die stark gestiegenen Spritpreise infolge des Krieges im Nahen Osten. Argentinien hat ähnliche Maßnahmen beschlossen, und auch Länder im asiatisch-pazifischen Raum erwägen erhöhte Beimischungsquoten. In Europa hat Rumänien hingegen beschlossen, die Pflicht zur 8 % Beimischung von Biokraftstoffen zu Benzin auszusetzen, da diese die Preise für Kraftstoff im Straßenverkehr erhöhe. Die traditionelle Wartungssaison in europäischen Raffinerien findet überwiegend im März und April statt. Laut Argus Daten sollten im März rund 800.000 bl/Tag Rohöldestillationskapazität außer Betrieb sein, im April rund 200.000 bl/Tag. Viele europäische Raffinerien haben sich dagegen entschieden, Wartungsarbeiten zu verkürzen oder zu verschieben, da die Kosten für eine Verlegung oder gar Absage höher ausfallen könnten als mögliche Gewinne durch höhere Margen aufgrund der Störung der Produktströme. Seit Beginn des US-Iran Krieges sind die Raffineriemargen für Kraftstoffe — insbesondere Diesel — auf die höchsten Niveaus seit den ersten Monaten des Russland-Ukraine Krieges im Jahr 2022 gestiegen. Während die EU eine hohe Raffinerieauslastung anmahnt, sieht Orlens tschechische Tochter Orlen Unipetrol durch die Behinderungen der Produktströme über die Straße von Hormus die eigene Produktion "ernsthaft bedroht". "Infolge der Eskalation der internationalen geopolitischen Lage stehen wir derzeit vor Störungen in der Lieferkette und erheblichen Einschränkungen bei der Versorgung mit Rohstoffen, die unser Unternehmen in seinen Produktionsprozessen verwendet", erklärte das Unternehmen zur Begründung seiner Force Majeure Erklärung. Die Störungen gefährdeten die Ölverarbeitung in in der 108.000 bl/Tag Raffinerie in Litvínov sowie die Produktion in der integrierten Ethylen Einheit und den Polymerisationsanlagen, hieß es weiter. Die Force Majeure Erklärung folgt auf eine ungeplante Reduzierung der Produktion im integrierten Petrochemiekomplex von Orlen an der 327.000 bl/Tag Raffinerie Plock in Polen, nachdem das Unternehmen Rohstoffe zugunsten der Kraftstoffproduktion umgeleitet hatte. Eine weitere Unipetrol Raffinerie, die 63.000 bl/Tag Anlage Kralupy, befindet sich derzeit in einer planmäßigen Revision, die alle vier Jahre stattfindet und Mitte März begann und bis Ende April beziehungsweise Anfang Mai dauern soll. Sorge vor künstlicher Stützung der Nachfrage durch Markteingriffe Neben der Verschiebung nicht-notwendiger Raffineriewartungen mahnt die EU auch Maßnahmen zur Begrenzung der Nachfrage an. Dies deckt sich mit der Einschätzung diverser Marktteilnehmer, dass nationale staatliche Eingriffe zur Preissenkung im Endeffekt einen preissteigernden Effekt entfalten werden. Steuersenkungen auf Kraftstoffe sollen laut den jeweiligen Regierungen kurzfristig die Endverbraucherpreise senken, und Subventionen sollen den Verbrauchern helfen, hohe Preise zu bezahlen — aber beide Maßnahmen regen parallel auch die Nachfrage an. Dies würde tendenziell die internationalen Preise stützen, insbesondere in einem Markt wie dem derzeitigen, der mit begrenzten Importmöglichkeiten kämpft. Kraftstoffsteuersenkungen sind in Europa bislang die beliebteste Maßnahme: Italien, Spanien, Portugal, Norwegen, Schweden, Polen, Österreich, die Slowakei und Slowenien haben solche angekündigt. Das Vereinigte Königreich hat Subventionen für Heizölhaushalte eingeführt. Darüber hinaus senken Exportbeschränkungen zwar die inländischen Preise, stützen aber die internationalen Preise, da sie Produktvolumen innerhalb der Landesgrenzen festhalten. Einige europäische Maßnahmen haben diesen Effekt, etwa in Bulgarien, das laut einem lokalen Händler die Erteilung von Exportgenehmigungen mindestens bis zum 12. April ausgesetzt hat. Rumänien verlangt nun staatliche Zustimmung für den Export von Diesel oder Benzin. Die Slowakei hat angedeutet, dass sie Exporte einschränken wird. Währenddessen wäre eine Rationierung der direkteste Weg, Preise zu senken — indem die Nachfrage an das Angebot angepasst wird — aber sie ist in Europa bislang selten. Nur die Slowakei und Slowenien haben Kaufmengenbegrenzungen für Straßenkraftstoffe eingeführt, weitere Länder könnten bald folgen. Preisobergrenzen hingegen klingen für Verbraucher oft attraktiver und können internationale Preise sogar senken: Zwischenhändler zahlen möglicherweise weniger, weil sie den Preis nicht an ihre Kunden weitergeben dürfen. Aber Preisobergrenzen führen in der Regel auch zu einem Rückgang des lokalen Angebots, weil Anbieter naturgemäß versuchen, möglichst viel Produkt in Märkte zu verkaufen, in denen die Preise nicht gedeckelt sind. Deshalb werden Preisobergrenzen häufig abgeschwächt, um diese Nebenwirkungen zu vermeiden. Ungarn etwa hat die Kraftstoffpreise nur für Autos mit inländischem Kennzeichen gedeckelt, nicht jedoch für andere Fahrzeuge. Von Johannes Guhlke und Tomasz Stepien Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2026. Argus Media group . Alle Rechte vorbehalten.

Iran, US presidents trade peace requirements: Update

01/04/26

Iran, US presidents trade peace requirements: Update

Recasts, with added comments from US president, Adnoc CEO, UK PM London, 1 April (Argus) — The presidents of Iran and the US have each laid out simple conditions required in order for the war to de-escalate, but neither indicated they would take the first step. Iranian president Masoud Pezeshkian said late on 31 March that Tehran has the "necessary will" to bring the conflict with the US and Israel to an end, but only once it has ironclad guarantees that they will not attack Iran in the future. On Wednesday, US President Donald Trump said "Iran's new regime president" — presumably Pezeshkian, but this was not specified — has asked Washington for a ceasefire, but said this request would only be considered when Iran reopens shipping through the strait of Hormuz. Until then the US would continue its military campaign, Trump said. Iran has yet to offer any formal response to Trump's latest comments. If true, they would represent a departure from Tehran's recent stance. Iranian officials, including foreign minister Abbas Araqchi, have repeatedly said Iran is not looking for a ceasefire, but wants a total end to hostilities. They have said a ceasefire will allow for the US and Israel to once again regroup and prepare for future attacks. "We do not believe in a ceasefire," Araqchi said. "We believe in ending the war." The US has been claiming negotiations with unidentified Iranian officials since last week, repeatedly remarking on "very good" progress. Iranian officials have consistently denied that any negotiations are underway. Trump is scheduled to address the US to "provide an important update on Iran" at 21:00 ET on Wednesday (02:00 GMT on Thursday), the White House said. He said on 31 March that US forces could leave the region within two to three weeks. Hormuz disruption The war in the Middle East is in a fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran. Tehran has been responding to the attacks by launching missiles and drones at Israel and US-linked assets across the Mideast Gulf, including critical energy infrastructure in Gulf Co-operation Council states. Iranian retaliatory attacks on commercial vessels in and around the strait of Hormuz have heavily restricted traffic through the key waterway, severely curtailing exports of crude oil, oil products, LNG, fertilizers and other commodities from the region. Pezeshkian reiterated that the strait is only closed to vessels with links to "Iran's aggressors and their supporters", and several Asian countries, including Malaysia and Thailand, have said in recent days that Tehran has given assurances of safe passage. Pakistan's foreign minister Ishaq Dar said at the weekend that Iran had approved 20 Pakistani-flagged vessels to traverse the strait. Abu Dhabi state-owned Adnoc's chief executive, Sultan al-Jaber, today described the strait's closure as "global extortion", and said "the world must act together to protect the free flow of energy and safeguard economic stability." With the US seemingly preferring other countries to take responsibility for securing the strait, the UK today said it will host this week a meeting of 35 nations' foreign ministers to assess ways of opening the waterway and to make it "accessible and safe after the fighting has stopped". London did not outline which countries are involved, but if they are the same 35 as co-signed a UK letter in mid-March calling for the strait to reopen this would be a new attempt to get an international coalition together. In the early days of the war France said it would create a coalition to secure vessel traffic through Hormuz, but Paris later backtracked on that , in line with the broader EU stance . By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran repeats will to end conflict, but needs guarantees

01/04/26

Iran repeats will to end conflict, but needs guarantees

London, 1 April (Argus) — Iran's president Masoud Pezeshkian said Tehran has the "necessary will" to bring the current conflict with the US and Israel to an end, but only once it gets ironclad guarantees that they will not attack Iran again in the future. "The solution to normalising the situation is to stop their aggressive attacks," Pezeshkian said late on 31 March. "We have not sought tension or war at any point, and we have the necessary will to end this war, provided the essential conditions are met, especially guarantees this aggression will not be repeated." Pezeshkian's comments were made in a telephone call with the president of the European Council, Antonio Costa, to discuss ways to de-escalate a situation that the latter said had become "extremely dangerous". The war in the Middle East is now in its fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran. Tehran has been responding to the attacks by launching missiles and drones at Israel and US-linked assets across the Mideast Gulf, including critical energy infrastructure in Gulf Co-operation Council states. Iranian retaliatory attacks on commercial vessels in and around the strait of Hormuz have heavily restricted traffic through the key waterway, severely curtailing exports of crude oil, oil products, LNG, fertilisers and other commodities from the region. "The current situation in the… strait of Hormuz is a direct result of the hostile and aggressive actions of the US and the Zionist regime [Israel] against Iran," Pezeshkian said, reiterating that the strait is only closed to vessels with links to "Iran's aggressors and their supporters". Several Asian countries, including Malaysia and Thailand, have said in recent days that Iran has given assurances of safe passage for their vessels through the strait. Pakistan's foreign minister Ishaq Dar said over the weekend that Iran had also approved 20 Pakistani-flagged vessels to sail through the strait. Pezeshkian's comments came as US president Donald Trump said US forces could leave Iran within two to three weeks, potentially signalling the end of the ongoing war. "All I have to do is leave Iran, and we will be doing that very soon," Trump said late on 31 March, offering a timeline of "maybe two weeks, maybe three". The Trump administration has been claiming negotiations with unidentified Iranian officials since last week, repeatedly boasting of "very good" progress. Iranian officials have consistently denied that any negotiations are underway. But in an apparent change of tack, Trump said ending the war was now not dependent on securing a formal agreement with Tehran. "Iran does not have to make a deal, no," Trump said. "They don't have to make a deal with me." By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

UK most at risk in Europe from jet and diesel squeeze

01/04/26

UK most at risk in Europe from jet and diesel squeeze

London, 1 April (Argus) — Stock, demand and trade data suggest the UK is the most exposed country in Europe to tightening diesel and jet fuel supply, with Denmark and Portugal also at risk. Short jet fuel (see chart 1) and diesel (see chart 2) trade balances, combined with low stock cover leave these net importers particularly vulnerable if traffic through the strait of Hormuz remains effectively closed. Countries where production matches or exceeds consumption — such as Poland and Greece — can operate with lower stocks because they are less reliant on imports. And countries that rely on imports but hold deeper stocks, such as Ireland, are better cushioned against Mideast Gulf supply disruptions. The assessment draws on national statistics reported to the Joint Organisations Data Initiative (Jodi) and the EU's Eurostat, combined with Argus analysis. The conflict in the Middle East is unlikely to see any European country run out of refined oil products entirely because the war limits only part of their import supply. Even the least well-stocked countries have a few weeks of cover if they lost both domestic output and imports. But national stocks could fall to uncomfortably low levels, leading to localised shortages and sharper price swings even where overall stocks remain. The theoretical life expectancy of national stocks offers a simple guide to the relative risk of such local shortages. If Mideast Gulf supply cannot be replaced, and if the impact spreads proportionally across importers, then the UK could exhaust kerosine stocks in three months and gasoil in nine, according to Argus calculations using Jodi data. These categories mainly represent jet fuel and road diesel. Portugal could run out of jet fuel stocks in four months, based on Eurostat data. Hungary could run out in five months, Denmark in six, Italy and Germany in seven, and France and Ireland in eight. Refinery closures have tightened jet fuel balances across western Europe as demand has risen, while diesel balances have been less affected because demand has broadly declined. On road diesel, Denmark could in theory deplete stocks in nine months. Romania could do so in 16 months, Austria in 21 and the Czech Republic in 23. These figures are illustrative rather than forecasts: in practice, stock life would likely converge to some extent as countries with thinner cover would bid higher for imports to slow the depletion of their inventories. Seasonal patterns will also affect stockdraws. Stocks usually fall in spring and autumn because of refinery maintenance, and rise in summer when runs increase. But imports also fluctuate seasonally, so any major disruption could unsettle normal trends. In Portugal's case, jet fuel stocks should cover this spring because its only refinery got its maintenance work out the way last year. But Portugal usually resumes jet imports around May, mainly from the Mideast Gulf. If tanker traffic through the strait of Hormuz is still heavily restricted by then, its jet stocks could decline rapidly. Poland holds very low jet fuel stocks but is close to self-sufficient, producing roughly what it consumes. It had less than one month of cover at the end of 2025 — the lowest among major EU states — but it need not draw stocks unless refinery issues arise or higher international prices pull product across borders. Both risks are real: Poland's two largest refineries face heavy maintenance this year, and its national balance masks the fact that it regularly imports and exports jet fuel across different borders. If those flows fall out of balance, Poland's thin stocks could drain. Ireland is fully dependent on jet fuel imports, as its sole refinery does not produce jet. But its deep stocks — nearly four months of cover — would cushion a complete loss of supply. By Benedict George Chart 1 Chart 2 Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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API grants formula relief, lubricant reactions mixed

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