India's base oil imports fall in July

Spanish Market: Oil products
05/10/26

India imported 189,854t of base oils in July, down by 29pc on year, but up by 15pc from a near three-year low in June, data from Global Trade Tracker (GTT) show.

Lower demand during the monsoon season and a wide gap between buyer and seller price expectations kept import levels lower compared with a year earlier.
A rise in imports from South Korea contributed to the month-on-month increase. Supplies increased because refineries adapted to crude supply disruptions in the Middle East and secured alternative feedstock for production. But some suppliers continued to prioritise higher-priced markets, resulting in fewer cargoes being offered to India compared with the previous year.
Imports from Saudi Arabia rose by 45pc on the year and remained supported ahead of shipping disruptions by the Yemen-based Houthis' blockade from the end of July.
Imports from Singapore dropped by 62pc from the previous year because base oil production in the city-state was affected by disruptions to crude supplies from the Middle East.
Imports from Spain were largely in line with year-earlier levels, while imports from China increased significantly on the year because of weak domestic demand and an open arbitrage window that prompted exports to India.

By Chng Li Li

India's base oils imports					(t)
	Jul '26	m-o-m ± %	y-o-y ± %	Jan-Jul '26	y-o-y ± %

South Korea	93,889	141.6	-33.4	689,658	-4.2
Saudi Arabia	22,356	9.5	45.4	130,822	9.8
Singapore	18,209	-16.6	-62.2	206,795	-21.7
US	11,165	-25.2	291.1	66,107	-15.7
Spain	9,257	NA	2.9	62,291	29.3
China	7,467	-26	3,294.1	29,563	277.8
Total*	189,854	15.3	-28.5	1,616,780	-3.1
*Total includes all countries, not just those listed
Source: GTT

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

16/10/26

Germany's Merz says France deal ends EU ICE phase-out

Brussels, 16 October (Argus) — The EU's planned phase-out of new internal combustion engine (ICE) vehicles by 2035 is "history", German chancellor Friedrich Merz said today, citing a new Franco-German agreement on future CO2 standards for cars. A draft text of the German-French proposals circulating would retain the EU's 2035 target of a 90pc reduction in CO2 emissions without offsetting, while allowing greater use of renewable fuels. The text indicates support for a new category of zero-emission vehicles powered by renewable fuels of non-biological origin (RFNBOs), sustainable EU-produced biofuels and biogas from advanced feedstocks, waste and residues listed in Parts A and B of Annex IX. "We would also enable the use of biofuels as a means of achieving carbon neutrality," Merz said, arguing that technological neutrality is needed to achieve net-zero CO2 emissions. Merz said the agreement has backing from other member states, but needs to pass the EU legislative process. The proposal was criticised by German Green MEP Michael Bloss, the group's negotiator on car CO2 standards. "Just when many people want to buy an electric car, a further weakening of EU rules creates uncertainty and hesitation," Bloss said. "China has already gone electric, and that is precisely where European manufacturers are losing substantial market share." German EPP MEP Peter Liese welcomed the proposal, saying scrapping the ban on ICE cars can be done "without missing our climate targets." Use of "climate-friendly" fuels such as E20 should be expanded, he said. Liese backed the creation of a dedicated vehicle category for climate-friendly fuels, including e-fuels. He said there is broad support in the European Parliament for the European Commission's proposal to allow 7pc green steel to count towards compliance targets. Industry group European Biodiesel Board (EBB) welcomed the agreement but wants clarity on fuels eligibility. "Leaving out any RED-compliant feedstocks would hamper solutions that are already contributing to decarbonisation," said EBB secretary general Xavier Noyon. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Hormuz attacks up but many unreported: UKMTO

16/10/26

Hormuz attacks up but many unreported: UKMTO

New York, 16 October (Argus) — At least 12 vessels were attacked in the strait of Hormuz in the last week but many attacks are not being reported, according to UK Maritime Trade Operations (UKMTO) Centre. UKMTO, a British Royal Navy-run organization that acts as liaison between military and commercial shipping organizations, said it is struggling to accurately report the true number of attacks in the region since most vessels refuse to report to it. "UKMTO is aware via other sources of incidents but constrained on reporting through lack of verification," the group said today in a weekly update posted at 12:00 GMT. Between 9-13 October, 12 incidents were reported by UKMTO, 10 in the strait of Hormuz, one in the Gulf of Oman and one in the Mideast Gulf. Of the 12 incidents, six vessels continued or reach port, three have damage or unconfirmed outcome, two were disabled or not under command and one was lost. Attacks continue to be concentrated around the southern lane which is the lane where US-assisted transits have been taking place. The US Central Command (Centcom), which oversees US forces in the Middle East, continues to claim control of the strait of Hormuz despite the high number of attacks against commercial vessels in the waterway. "The IRGC has continued to falsely claim control of the Strait of Hormuz," Centcom said on Thursday, referring to Iran's Islamic Revolutionary Guard Corps. "The United States and regional partners control the strait as commercial vessels continue to transit despite unwarranted Islamic Revolutionary Guard Corps aggression." By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

IEA says 20mn bl of diesel to be released

15/10/26

IEA says 20mn bl of diesel to be released

London, 15 October (Argus) — The IEA today said 20mn bl of diesel will be included in the G7-led oil stocks release, but it appears to have withdrawn a timetable for this. The diesel will be released as soon as possible, the IEA said. When the G7 announced the stocks release 13 days ago, it said a substantial amount of diesel would be made available within 20 days. The G7 agreement pledged 100mn bl from oil stocks in four months, to complete a stock drawdown that began in March. Today's announcement suggests half of the diesel release will come in France, which has pledged 10mn bl of the middle distillate from strategic reserves between November and January. The IEA this week said around 96mn bl of oil is yet to be released from stocks under the March commitment — 46mn bl in Europe, 40mn bl in the Americas and 10mn bl in Asia-Pacific. It did not provide a crude-to-products breakdown. It has also called on its members to consider further releases of diesel. The intervention has been prompted by a combination of the Iran war and Ukraine's accelerated bombing campaign against Russian refineries in the summer, which it will now resume after a brief pause. These have curtailed around one third of global diesel exports and sent refining margins for middle distillates to above $100/bl. Record-high tanker freight rates present an obstacle to moving diesel from any areas of surplus to regions of acute need. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Eni CEO calls for ETS suspension to help refineries

14/10/26

Eni CEO calls for ETS suspension to help refineries

Milan, 14 October (Argus) — The chief executive of Italy's integrated Eni has called on the EU to suspend its emissions trading system (ETS) until the conflicts in Ukraine and the Gulf are resolved. "[The ETS is] a cage that is too expensive for our industry," Claudio Descalzi said on Wednesday. He said Europe is unable to produce the jet fuel and diesel it needs, and pointed to "a 30-40pc drop in Russian refining output… while products going through Hormuz are around 50pc what they were pre-war." Descalzi said extra costs for chartering tankers and securing insurance, triggered by the US-Iran war, had added $20-30/bl to the cost of crude. His comments come a day before European leaders are scheduled to meet in Brussels to discuss a series of issues, including energy and institutional reform. Italy's prime minister Giorgia Meloni said today that she and other member states would call for reform of the ETS mechanism to prevent high energy costs triggering permanent damage to European industry. The European Commission said in March that the US-Iran war would not prompt reform of the ETS, although it also said there would be no release from emergency oil stocks, which has since happened. "Given that [commission head Ursula] von der Leyen has said we need to find a way to revitalise our refineries, Europe has to include them in its taxonomy scheme so as to boost access to funding, remove the taxes and have less stringent rules for emissions," Descalzi said. "We need to convince those who want to invest in refineries here that Europe is serious," he said. "We need a long-term strategy… for the next 15-20 years." By Stephen Jewkes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Container ship sinks in strait of Hormuz: Update

14/10/26

Container ship sinks in strait of Hormuz: Update

Adds Iranian navy statement London, 14 October (Argus) — A container ship has sunk in the strait of Hormuz after hitting a mine, the Islamic Revolutionary Guard Corps (IRGC) navy said according to state news agency Irna. The vessel was earlier identified as the GFS Pride by Pakistan navy's Navarea IX service, which said it was involved in a security incident in Omani waters. This is the second vessel to sink in the area in two days, after dry bulk carrier Cape Dao, whichhad been drifting since being hit on 23 September. Attacks on commercial shipping in the strait have escalated in the past few days. Six vessels came under attack on 11 October. The IEA today said oil exports from the Mideast Gulf through Hormuz increased by 3.7mn b/d on the month to 10.9mn b/d in September, contributing to a sharp rebound in global supply. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more