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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
832.50
0.00
670.00
+14.00
Apr 1
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	832.50	0.00	670.00	+14.00	Apr 1

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
508.54	+3.18	587.61	+3.66	773.99	+4.14	Apr 1

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	456	463	-7	505	526	-21	670	659	+11	Apr 1
Singapore	464	474	-10	530	567	-37	663	692	-29	Apr 1
Fujairah	460	513	-53	529	572	-43	744	845	-101	Apr 1
Houston	447	482	-35	535	604	-69	682	702	-20	Apr 1

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Latest News
- 2025-04-01
  Oil steadies near $75 as market weighs tariffs, sanctions
  Oil prices steadied near five-week highs on Tuesday as threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and attack Iran countered worries about the impact of a trade war on global growth. Brent futures were up 3 cents,... Read more Oil prices steadied near five-week highs on Tuesday as threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and attack Iran countered worries about the impact of a trade war on global growth.
  Brent futures were up 3 cents, or 0.04%, at $74.80 a barrel at 1352 GMT, after rising to above $75 a barrel earlier in the session. U.S. West Texas Intermediate crude futures rose 4 cents, or 0.06%, to $71.52.
  The contracts settled at five-week highs a day earlier.
  "While stricter sanctions on Iran, Venezuela, and Russia could constrain global supply, the U.S. tariffs are likely to dampen global energy demand and slow economic growth, which in turn will affect oil demand further out on the curve," SEB analyst Ole Hvalbye said.
  "As a result, betting on a clear direction for the market has been – and remains – challenging," he added.
  Trump on Sunday told NBC News that he was very angry with Russian President Vladimir Putin and would impose secondary tariffs of 25% to 50% on Russian oil buyers if Moscow tried to block efforts to end the war in Ukraine.
  Tariffs on buyers of oil from Russia, the world’s second largest oil exporter, would disrupt global supply and hurt Moscow’s biggest customers, China and India.
  Trump also threatened Iran with similar tariffs and bombings if Tehran did not reach an agreement with the White House over its nuclear program.
  A Reuters poll of 49 economists and analysts in March projected that oil prices would remain under pressure this year from U.S. tariffs and economic slowdowns in India and China, while OPEC+ increases supply.
  
  Slower global growth would dent fuel demand, which might offset any reduction in supply due to Trump’s threats.
  Prices found some support after Russia ordered Kazakhstan’s main oil export terminal to close two of its three moorings amid a standoff between Kazakhstan and OPEC+ - the Organization of the Petroleum Exporting Countries, plus allies led by Russia - over excess production.
  Kazakhstan will have to start cutting oil output as a result, two industry sources told Reuters. Another source said that repair work at the Caspian Pipeline Consortium terminal will take more than a month.
  
  The market will be watching an April 5 OPEC+ ministerial committee meeting to review policy. Sources told Reuters OPEC+ was on track to proceed with a production hike of 135,000 barrels per day in May. OPEC+ had already agreed a similar hike in production for April.
  Meanwhile, five analysts surveyed by Reuters estimated on average that U.S. crude inventories fell by about 2.1 million barrels in the week to March 28. Source: Reuters/Investing.com
- 2025-04-01
  AMERICAS: CMA CGM TAKES GCC TO COURT OVER ALLEGED CONTAMINATED FUEL SUPPLY
  Containership giant CMA CGM has filed a suit against Texas-based bunker supplier GCC Supply & Trading (GCC) over the supply of allegedly contaminated and off-spec very low sulphur fuel oil (VLSFO) to a number of its owned and chartered vessels. In... Read more
- 2025-04-01
  INTERVIEW: ‘CLARITY’ AND ‘AMBITION’: INDUSTRY AND PACIFIC STATES LAY OUT THEIR HOPES FOR MEPC 83
  Representatives from Small Island Developing States (SIDS) and the International Bunker Industry Association (IBIA) concur in calling for IMO Member States to agree a strong economic measure or greenhouse gas levy when they meet for MEPC 83 next week,... Read more
- 2025-04-01
  ASIA PACIFIC: ECOCERES COMPLETES FIRST HVO DELIVERY IN SINGAPORE
  Biofuel company EcoCeres has announced it has completed its first delivery of hydrotreated vegetable oil (HVO) in Singapore. In a social media post today (1 April), Hong-Kong headquartered EcoCeres said it had joined forces with Mitsui & Co. Energy... Read more
- 2025-04-01
  GLOBAL: SPOTBARGE LAUNCHES GLOBAL BUNKER TRACKING AND ANALYTICS DIGITAL PLATFORM
  Netherlands-based Spotbarge has announced the launch of Bunker Insights, its new digital platform for real-time global bunker tracking and analytics. With the platform, Spotbarge monitors and logs essential bunker data, including loading location,... Read more
- 2025-04-01
  EUROPE: AVENIR LNG’S BUNKERING VESSEL TO RUN ON 100% BIO-LNG
  Avenir LNG has announced its 7,500m cubic metre (cbm) bunkering vessel Avenir Ascension will run ‘continuously’ on bio-LNG for the remainder of 2025. The move, effective from 1 April, will reduce CO2 emissions by more than 3,500 tonnes per year, the... Read more
- 2025-04-01
  ASIA PACIFIC: VIVA ENERGY SEEKS EXPRESSIONS OF INTEREST FOR AN FSRU FOR PROPOSED AUSTRALIAN LNG TERMINAL
  Viva Energy has announced that it has engaged the consultancy Poten & Partners to secure a floating storage and regasification unit (FSRU) for its proposed LNG terminal in Geelong, Australia. In a statement issued today (31 March), Viva Energy said... Read more
- 2025-04-01
  Oil prices steady at 1-mth high after rising sharply on Trump Iran threat
  Oil prices steadied at an over one-month high in Asian trade on Tuesday after U.S. President Donald Trump threatened to bomb Iran, ramping up geopolitical tensions and drawing a larger risk premium for crude. Uncertainty over Russia-Ukraine peace talks... Read more Oil prices steadied at an over one-month high in Asian trade on Tuesday after U.S. President Donald Trump threatened to bomb Iran, ramping up geopolitical tensions and drawing a larger risk premium for crude.
  Uncertainty over Russia-Ukraine peace talks also underpinned oil, as Trump threatened more sanctions on Moscow’s oil industry if a deal was not reached.
  But bigger gains in oil were held back by concerns over cooling demand, especially amid increased uncertainty over more trade tariffs from Trump, as well as their impact on the global economy.
  Brent oil futures expiring in June steadied at $74.75 a barrel, while West Texas Intermediate crude futures fell 0.2% to $70.95 a barrel by 21:20 ET (01:20 GMT).
  Middle east geopolitics, supply jitters underpin crude
  Oil was sitting on strong gains over the past week as heightened geopolitical tensions in the Middle East and between Russia and Ukraine saw traders price in a greater chance of supply disruptions.
  Reports showed Israel had launched strikes on Beirut on Tuesday, just weeks after a ceasefire with Hamas fell through.
  Tuesday’s strikes came after Trump over the weekend threatened to bomb Iran if Tehran did not agree to a new nuclear deal, drawing a sharp rebuke and threats of retaliation from Iranian officials.
  Talks between Russia and Ukraine appeared to show little progress, with Moscow seen issuing a draft for more troops to fight in the war. Trump also threatened to impose more sanctions on Russian oil if Moscow delayed signing a ceasefire.
  The geopolitical ructions and sanction threats ramped up concerns over more potential supply disruptions in oil markets, and drew in a greater risk premium for crude.
  Trump tariffs loom, recession jitters limit oil upside
  But despite oil’s big run-up over the past week, greater gains were limited by persistent concerns over the economic impact of Trump’s tariffs.
  Trump is set to announce his plans for reciprocal tariffs on Wednesday, and is also expected to impose tariffs on several key industries.
  Recent reports said Trump will target a broader set of countries and will also aim to impose higher tariffs with fewer exceptions- a move that could destabilize global trade and undermine economic growth.
  This notion also sparked concerns over a potential U.S. recession, with Goldman Sachs (NYSE:GS) recently increasing its probability of a recession.
  Oil markets fear that slowing growth and trade disruptions will dent oil demand in the coming months.
  
  Source: Investing.com
- 2025-04-01
  Kazakhstan Is Taking Big Hits As Trump and Putin Feud
  Over the past few weeks, the Trump administration has attempted to broker a peace deal between Russia and Ukraine, offering a glimmer of hope that the 3-year war could soon come to an end. The U.S. has held separate meetings with Russian and Ukrainian... Read more Over the past few weeks, the Trump administration has attempted to broker a peace deal between Russia and Ukraine, offering a glimmer of hope that the 3-year war could soon come to an end. The U.S. has held separate meetings with Russian and Ukrainian delegations in a bid to reach a lasting deal, but one particular OPEC member is finding itself in the crosshairs of the conflict despite the ongoing peace negotiations.
  
  A week ago, Kavkazskaya oil depot in Russia’s Krasnodar region, part of the Caspian Pipeline Consortium (CPC), was damaged after drone attacks, with Russia pointing fingers at Ukraine. Back in February, Russia reported that CPC delivery capacity was cut by 40% after an attack by Ukrainian drones. According to the CPC, last year, Kavkazskaya delivered at least 130,000 tons of oil per month and 1.51 million tons for the whole year. The CPC pipeline is the main export route for Kazakhstan, and supplies ~1% of the world's oil. CPC’s main shareholders include Chevron Corp. (NYSE:CVX), Shell Plc. (NYSE:SHEL) and Eni S.p.A. (NYSE:E).
  
  According to Kazakh journalist Oleg Chervinsky, the CPC was included in Trump's ceasefire moratorium on strikes from both Russia and Ukraine, suggesting the latest drone attack violation of those terms. However, AP News has pointed to the ambiguity in the moratorium, with Russia and Ukraine accusing each other of non-compliance. Both sides agreed to a limited, 30-day ceasefire, with Russian President Vladimir Putin imposing conditions that essentially meant a Ukrainian surrender.
  
  “They sat for 12 hours and seemed to have agreed on a joint statement,” Russia’s deputy chairman of defense committee, Vladimir Chizhov, told Rossiya 24. “However this was not adopted due to Ukraine’s position,” he said.
  
  However, it appears that the blame is now on Russia, with Trump reportedly "very angry" with Russian President Vladimir Putin for attacking the credibility of Ukrainian President Volodymyr Zelensky's credibility. Trump has even threatened to slap 50% secondary tariffs on buyers of Russian oil. "You could say that I was very angry, pissed off, when... Putin started getting into Zelensky's credibility, because that's not going in the right location," Trump said. "New leadership means you're not gonna have a deal for a long time," he added. That marks a 180-degree turnaround in Trump’s tone towards the two leaders, after last month he called Zelenskiy a “dictator” and claimed he “started” the war with Russia
  
  The continuing attacks on Kazakhstan's energy infrastructure can have dire ramifications for the country. According to oil and gas analyst Olzhas Baidildinov, last year, the CPC distributed $1.3 billion in dividends in 2024, with approximately $85 million channeled into the state budget while KazMunayGas, Kazakhstan’s national oil company, received ~$250 million. The attacks come at a time when Kazakhstan has been ramping up oil production in a bid to cut its budget deficit. Last month, Kazakhstan’s crude oil and gas condensate--a type of light oil- output hit a record high of 2.12 million barrels per day, good for a large 13% increase from January volumes. Excluding gas condensate, the country’s production increased 15.5% m-o-m to 1.83 million bpd.
  
  Kazakhstan's surge in output was chalked up to increased production at the giant Tengiz oilfield, operated by Tengizchevroil, led by Chevron Corp. (NYSE:CVX). The U.S. oil and gas giant has embarked on a $48 billion expansion of Tengiz. Previously, Reuters reported that Kazakhstan could dramatically reduce its more than 80% share of oil flows via Russia by sharply increasing crude oil exports out of Turkey's port of Ceyhan. According to Kazakhstan Energy Minister Almasadam Satkaliyev, the country could ramp up exports via the Baku-Tbilisi-Ceyhan (BTC) pipeline to 20 million metric tons a year from the current 1.5 million.
  
  However, it’s not clear how Kazakhstan intends to comply with OPEC+ quotas, with its current output significantly above its quota of 1.468 million bpd. Last year, Russia, Kazakhstan and Iraq submitted their compensation plans to the OPEC Secretariat, with over-produced volumes expected to be fully compensated through September 2025. Kazakhstan is expected to ‘pay back’ a cumulative 620 kb/d, Russia 480 kb/d and Iraq 1,184 kb/d.
  
  Luckily, commodity analysts at Standard Chartered have reported that supply surpluses the market feared for much of last year have yet to materialize, with the outlook for Q2 and Q3 suggesting that no surplus is imminent. StanChart has forecast that global demand will exceed supply by 0.9 mb/d in Q2 and by 0.5 mb/d in Q3 while the U.S. Energy Information Administration (EIA) sees excess demand at 0.1 mb/d in Q2 and a balanced market in Q3. Source: Oilprice.com
- 2025-04-01
  Can Iraq’s Gas Projects Survive Trump’s Iran Crackdown?
  After a series of internal meetings at Iraq’s Oil Ministry over the past two weeks, talks with several international energy companies have begun with the aim of finally kickstarting developments on the country’s key non-associated gas fields, a senior... Read more After a series of internal meetings at Iraq’s Oil Ministry over the past two weeks, talks with several international energy companies have begun with the aim of finally kickstarting developments on the country’s key non-associated gas fields, a senior source who works closely with the Ministry exclusively told OilPrice.com last week. “It’s finally sunk in that the jig’s up with the U.S. and Iran [Washington’s previous granting of waivers to Iraq to keep importing gas and electricity from Tehran], which means everyone’s now scrambling around trying to work out how they’re going increase gas output to levels that prevent rolling blackouts all year round,” the source said. “There are good options available to it [the Ministry], but they all have major political consequences attached, so the decisions in the coming weeks won’t be straightforward,” he added.
  
  To give credit where it is due, Iraq’s Oil Ministry had a great run with Washington, as analysed in full in my latest book on the new global oil market order. Year in, year out, from 2018 when the U.S. unilaterally withdrew from the Joint Comprehensive Plan of Action (JCPOA, ‘nuclear deal’) with Iran, Baghdad has played the same game to secure waivers to keep importing Iranian gas and electricity, despite the swingeing sanctions imposed on others for so doing. The game was a simple but effective one, beginning with whoever was prime minister of Iraq at the time going to Washington every August/September – which was a nice break for him anyway from the heat of Baghdad. He would then promise that Iraq would gradually reduce gas and electricity imports from Iran in exchange for an extension of the waivers from the U.S. to keep doing so for the short term – and one or two billion dollars to bail out Iraq’s budget, as they were there. Once the new waiver had been signed and the money was in a bank far away from the reach of Washington, Iraq would promptly sign a new agreement with Iran to keep importing its gas and electricity anyway. Indeed, just before the newly re-empowered Donald Trump began his second presidency, Iraq signed the longest ever deal – five years, no less – with Iran to keep doing precisely what it had promised the U.S. not to do barely a few days before. Unfortunately for the Oil Ministry, reality has bitten following the U.S.’s 8 March decision to end all waivers on Iraq continuing to import energy from Iran, which in recent years has provided around 40% of all its power needs. The State Department in Washington underlined it had done so to “ensure we do not allow Iran any degree of economic or financial relief,” and added that Trump’s maximum pressure campaign against Iran aims “to end its nuclear threat, curtail its ballistic missile program and stop it from supporting terrorist groups”.
  Related: WTI Soars Nearly 3% on Trump’s Russia, Iran Threats
  
  So, what to do now for the denizens of the Oil Complex Building on Port Saeed Street, Baghdad? Even with the massive imports of Iranian energy each year, blackouts are commonplace across Iraq, and these have led to bloody protests in the past -- so doing nothing is not an option. There is no point in systematically looting a nation’s oil and gas wealth over the years only to end up with your head on a stick, after all. Doing something genuinely altruistic for the country and its people is also an option, with the added frisson that it has not been tried before. In this context, there are several options available in the gas sector, including building on two recent megadeals with Western powerhouse firms – the UK’s BP and France’s TotalEnergies. Both have enormous experience in the gas sector, as does the UK’s Shell, which recently announced its aim of becoming the world’s leading gas and liquefied natural gas (LNG) business and already has substantial business in Iraq. Through its Basra Gas Company (BGC) joint venture, Shell is already capturing and utilising flared gas from fields like Rumaila, Zubair, and West Qurna Phases 1 and 2 with the aim of helping the country achieve energy independence.
  
  Although much of the West’s efforts to develop Iraq’s gas independence are centred on reducing the flaring of associated gas that comes as a by-product of oil drilling, there is no doubt that these firms – and other European and U.S. companies -- could provide game-changing help if asked from Iraq’s non-associated gas fields. Official estimates are that Iraq has proven reserves of conventional natural gas amounting to 3.5 trillion cubic metres (Tcm) or about 1.5% of the world total, placing it 12th among global reserve-holders. Around three-quarters of Iraq’s proven reserves are estimated to consist of associated gas. However, Iraq did not revise its figure for proven gas reserves in 2010 at the time of the upwards revision of proven oil reserves. Well-founded figures for non-associated gas were not provided at the time either – or since – from the Iraqi oil and gas authorities. However, the International Energy Agency (IEA) estimates that ultimately recoverable resources will be much larger than the official estimates of 3.5 Tcm. Its estimate is 8.0 Tcm, of which around 30% is thought to be non-associated gas.
  
  Two of Iraq’s key non-associated gas fields are Akkas and Mansuriyah and Iraq’s Oil Ministry agreed last week that the development of these should be speeded up. The former has around 5.6 trillion cubic feet (Tcf) of proven reserves and is expected to produce around 400 million standard cubic feet per day (mmscf/d) of gas, while the latter holds about 4.5 Tcf of gas and is forecast to produce around 300 mmscf/d of gas at its peak. Currently, Akkas is being developed by the little-known Ukrainian firm Ukrezemresurs, and Mansuriyah by a consortium led by China’s Jereh Group and Petro Iraq. However, assigning either of these fields for long-term development carries with its enormous geopolitical implications for Iraq. The Mansuriyah field -- located very close to the eastern border with Iran -- is one of the three big sites that form a skewed triangle across Iraq, together with the Siba non-associated gas field site to the south (extremely close to the key Iraqi Basra export hub), and the Akkas field all the way west (extremely close to the border with Syria). Along the spine of this entire area running from east to west are the historically ultra-nationalist and ultra-anti-West cities of Falluja, Ramadi, Hit and Haditha. At that point, Iraq turns into Syria, and it is just a short hop to the key strategic ports of Banias and Tartus, and then to Latakia. Before the removal of Syria’s President Bashar al-Assad, all three cities were globally strategic sites for Russia and China, as also analysed in full in my new book on the new global oil market order, and Moscow and Beijing hope they will be again. In the zero-sum game of global geopolitics, they are equally important to the West, particularly as oil and gas companies are legally entitled to secure their operations around the world through whatever means they feel necessary, including stationing as many security personnel around their developments as they think appropriate.
  
  Broadly speaking in this context, Iraq – both the south of the country centred around Baghdad, and the north based around Erbil – is at a critical juncture for the West and the East. Since the U.S. withdrawal from the JCPOA in 2018, China and Russia have expedited their efforts to end all remaining Western influence across Iraq so that it can be finally positioned along with Iran as a Middle Eastern stronghold, full of cheap oil and gas to boot. As a senior political source in Moscow exclusively told OilPrice.com many months ago: “Iraq will be one unified country and by keeping the West out of energy deals there, the end of Western hegemony in the Middle East will become the decisive chapter in the West’s final demise.” On the other hand, a senior source who works closely with the European Union’s (E.U.) energy security complex told OilPrice.com recently, the current policy of the West is to terminate all links Iraq has with Chinese, Russian and Iranian companies connected to the Islamic Revolutionary Guards Corps over the long term. “It may be that Iraq chooses to go with a mix of Western and Chinese firms for these three key gas sites [Akkas, Mansuriyah and Siba] for the time being, but over time we think it will find that necessity drives it to Western firms,” the E.U. source concluded. Source: Oilprice.com