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Latest Market News

Taiwan's Formosa shuts base oil unit on upstream issue

  • Spanish Market: Oil products
  • 01/07/26

Taiwanese refiner Formosa has shut its base oil unit as of 29 June, because of a technical issue relating to its upstream vacuum distillation unit which has cut off base oil feedstock, according to the firm's base oils distributor.

Base oil production is expected to restart by mid-July. Spot offers have temporarily paused.

Shipments for bulk volumes are more impacted than flexibag supplies. Loadings for bulk volumes are mostly deferred to late July, while loadings for flexibag supplies are only deferred until around mid-July. Term allocations are so far unchanged.

The upstream technical issue first started around 10 June, which curbed feedstock for the base oil, mainly affecting output for the heavy-grade.

The 600,000 t/yr Group II refinery is scheduled to undergo a 45-day maintenance in mid-October.

News of the shutdown was met with a subdued response from buyers, given that demand has been weakening on the back of lower feedstock values and expectations that the US-Iran peace deal will weigh on prices further.

The Argus-assessed Asian fob export prices for Group II N150 and N500 fell by $30/t to $1,745/t in the week ending 26 June.

By Tara Tang

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30/06/26

US April base oil exports up by 5.8pc: EIA

US April base oil exports up by 5.8pc: EIA

Houston, 30 June (Argus) — Total US base oil exports rose by 5.8pc to 125,570 b/d in April from year-earlier levels, according to the Energy Information Administration (EIA). Total monthly export volumes fell by 13pc from March totals of 110,650 b/d. US exports to Mexico declined by 44pc from year-earlier levels and by 22pc from March totals. Base oil exports to Brazil rose by 7.8pc from 2025 levels and were up by 33pc from March levels. US exports to Belgium, France and the Netherlands — a proxy for European demand — increased by 86pc from a year earlier and by 97pc from month-earlier levels. European volumes most likely increased because the closure of the strait of Hormuz continued to incentivize buyers to look towards US volumes. European bids were deemed more attractive by several US base oil sellers. US exports to Chile, Ecuador and Peru — a proxy for west coast South American demand — fell by 20pc from April 2025 totals. However, monthly totals rose by 6.5pc from March 2026 volumes. Base oil exports to Canada rose by 3.6pc in April from a year earlier and up by 5.3pc from March levels. US refiners experienced firmer demand from multiple regions because of decreased base oil availability caused by US-Iran war impacts and the lack of movement through the strait of Hormuz. Some regions reported fewer US export volumes because sellers were prioritizing term customers and holding onto more surplus base oil volumes for domestic customers. By Karly Lamm US base oil exports b/d Country Apr-26 m-o-m±% y-o-y±% Mexico 22,600 -21.8 -44 Brazil 13,770 33 7.8 Belgium 21,870 120 147 France 770 -60 -45 The Netherlands 830 1,192 -64 India 130 -98 -95 Ecuador 2,900 150 0 Peru 3,200 -9.1 -31 Cuba 3,140 -8.1 -27 Canada 10,570 3.6 5.3 Total -13.5 5.8 *Total includes all countries, not just those listed Energy Information Administration (EIA) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

India's base oil imports fall in April on US-Iran war

30/06/26
30/06/26

India's base oil imports fall in April on US-Iran war

Singapore, 30 June (Argus) — India's base oil imports fell by 15pc on the year in April because of tightening overseas supply due to the US-Iran war, data from Global Trade Tracker (GTT) show. Asian refiners' run rates were impacted by feedstock supply disruption from the Middle East. Refinery yields declined further , especially for the heavy grades, because refiners switched to lighter and sweater crude alternatives. Several refiners also reduced term supply allocations. Refiners sought higher prices due to low inventories and elevated crude and gasoil prices. Lower Indian cfr import prices compared with other regions disincentivised refiners from offering cargoes to India. Producers diverted volumes to markets such as Asia-Pacific, the US, Europe and Latin America, where prices were higher. The UAE was one of India's key suppliers, but exports dwindled in April given the effective closure of the strait of Hormuz. Imports from Taiwan rose significantly, likely reflecting diverted cargoes originally bound for the UAE, which became inaccessible after the start of the war. Imports from Egypt rose sharply, because blenders turned to alternative supplies. Imports from Egypt are typically irregular. The country largely produces Group I grades, but these imports were likely re-exports of Group I grades with a low-viscosity index (LVI) from another region, according to market participants. By Chng Li Li Indian base oils imports t Apr'26 m-o-m ± % y-o-y ± % Jan-Apr'26 y-o-y ± % South Korea 141,523 47.2 -8.0 477,011 21.2 Taiwan 24,837 1,138.1 24,254.0 54,917 69.5 Saudi Arabia 20,701 -1.9 -21.9 53,889 -25.8 Egypt 15,647 N.A. 5,065.1 15,647 5,098.3 Spain 15,522 641.3 34.7 39,662 24.0 Singapore 15,435 -71.4 -53.6 131,361 -6.8 Monthly total 254,848 -6.9 -14.5 1,043,681 9.4 Total includes all countries, not just those listed Source: GTT Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Dozens of ships transit Hormuz via Omani corridor

25/06/26
25/06/26

Dozens of ships transit Hormuz via Omani corridor

London, 25 June (Argus) — More than 50 ships have exited the Mideast Gulf through a southern route around the strait of Hormuz in the past three days, including 14 crude and oil product tankers, according to shiptracking data. The route runs around the tip of Oman and avoids sea lanes designated by Iran. It had been used sporadically during the US-Iran conflict, but was later defined as a temporary corridor under an International Maritime Organisation (IMO)- and Oman-led evacuation plan announced on 23 June. Seven VLCCs, three Suezmaxes and four other crude or clean product tankers have since exited the Gulf along the route. Other vessels using it included 15 bulk carriers — three of them Capesize — alongside containerships, LPG and LNG carriers and other ships. This is likely the busiest period on the route since the start of the conflict, as shipping through Hormuz begins to recover following the US-Iran memorandum of understanding aimed at ending hostilities. At least nine ships have also used the corridor to enter the Mideast Gulf, including the VLCC Ocean Lily , suggesting owners are becoming more confident about operating in the region. But use of the route remains contested. Earlier today, Iran's Islamic Revolutionary Guard Corps (IRGC) warned vessels against using any routes through the strait of Hormuz that have not been designated as safe by Tehran. The IRGC Navy said "some authorities" had announced a new route for ships to transit Hormuz "without informing or co-ordinating with" Iran, which it described as "unacceptable and completely dangerous". "The only permitted routes for passing through the strait of Hormuz are those which were announced by the Islamic Republic of Iran," it said. "Any movement of vessels outside these routes is very dangerous and prohibited." Lower war-risk premiums may support a further recovery in tanker activity. Additional war-risk premiums (AWRPs) for VLCCs have fallen to around 2pc of vessel value from about 5pc previously. Charterers have secured the Olympic Lady to load a crude cargo, marking one of the few VLCC fixtures from within the Mideast Gulf since the start of the war, according to market participants. Oil product trade has also begun to pick up as transit conditions improve. Mideast Gulf refiners have started to offer a wider range of products. Kuwaiti refiner KPC was among the first to return to the spot market this week after lifting force majeure on 18 June, following the US-Iran memorandum. KPC sold naphtha for July loading from Kuwait, likely its first spot fob tender since the start of the conflict. Market participants expect further product offers from KPC to follow. By Rhys van Dinther and John Ollett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

UK to set in law GHG cuts of 87pc over 1990-2042

25/06/26
25/06/26

UK to set in law GHG cuts of 87pc over 1990-2042

London, 25 June (Argus) — UK parliament has agreed on the country's seventh carbon budget, and will set into law greenhouse gas (GHG) emissions reductions of 87pc by 2042, from a 1990 baseline. The vote, which took place in the evening of 24 June, passed with 332 votes for and 94 against. The UK's Labour government has pursued ambitious decarbonisation policies since it won a landslide victory in July 2024. The government earlier this month set out its proposal for the emissions cuts, in line with recommendations from the parliamentary advisory Climate Change Committee (CCC). Carbon budgets, which are legally-binding in the UK, cap the total GHG emissions that the UK can emit over five-year periods. The seventh carbon budget, which covers 2038-42, will have a limit of 535mn t/CO2 equivalent (CO2e), including the UK's share of international aviation and shipping emissions. This is "consistent with the Paris Agreement" and its most ambitious target to curb the global rise in temperature to 1.5°C above pre-industrial levels, the government said. The CCC welcomed the results of yesterday's vote. It "provides the long-term certainty that businesses, investors, and communities need to accelerate the transition away from fossil fuels… this legislation will help unlock innovation, drive clean investment, and strengthen the UK's competitiveness in a low-carbon world", CCC chair Nigel Topping said. The UK is on track to meet its fourth and fifth carbon budgets, which cover 2023-27 and 2028-32, respectively, the CCC said this week in its annual assessment of government progress on climate targets . But the government must accelerate electrification to hit climate goals beyond that, the committee added. The UK met its first three carbon budgets, which covered 2008-2022 collectively, largely through power sector decarbonisation, including shutting coal-fired power generation. The country has a legally-binding target to reach net zero GHG emissions by 2050. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Japan's northeast hit by earthquake, energy sites safe

25/06/26
25/06/26

Japan's northeast hit by earthquake, energy sites safe

Tokyo, 25 June (Argus) — A 7.2-magnitude earthquake struck northeastern Japan today. No major damage to nuclear power plants or thermal power facilities and domestic refineries has been reported so far, according to industry sources contacted by Argus . The earthquake occurred off the coast of Iwate prefecture at 07:30 on 25 June Japan time (22:30 GMT on 24 June), according to the Japan Meteorological Agency. The quake registered an upper-6 seismic intensity — the second-highest level on Japan's shindo scale — in Aomori prefecture. There is no risk of a tsunami from the earthquake, the agency said. Japanese prime minister Sanae Takaichi also said there was no risk of a tsunami. The government would assess the damage and work to respond to the disaster, she added. The earthquake did not affect power generation facilities in the Tohoku area, with no damage reported to nuclear, thermal, hydroelectric, or renewable power plants, Tohoku Electric Power told Argus . Around 4.6GW of coal-fired capacity and 7.9GW of gas-fed capacity were available for operation in Tohoku as of 25 June, according to a power plant operational status notice by the Japan Electric Power Exchange. The 825MW Onagawa No.2 nuclear reactor in Miyagi, close to the earthquake's epicentre off the Iwate coast, continues to operate. No damage was reported at the Rokkasho nuclear fuel reprocessing plant in Aomori, which is scheduled to begin operations in the April 2027-March 2028 fiscal year. Two major biomass power plants in Tohoku — the 75MW unit at Ofunato in Iwate and a similar-sized plant at Hachinohe in Aomori — were also unaffected, sources told Argus . In Hokkaido, where the quake registered at 4 on Japan's seismic intensity scale in some areas, there was no damage to power generation facilities, a representative at Hokkaido Electric Power said. No nuclear reactors are currently operating in Hokkaido, with the 2,070MW Tomari nuclear plant remaining safely closed. Japanese refiner Eneos operates the 145,000 b/d Sendai refinery in Miyagi. But the earthquake had no impact on Eneos' facilities including refineries, the company said. By Fumito Nagase, Motoko Hasegawa, Kohei Yamamoto, Takeshi Maeda, Reina Maeda, Nanami Oki Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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