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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 883.00
0.00
1 315.00
-20.00
Nov 9
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 883.00	0.00	1 315.00	-20.00	Nov 9

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
689.11	-5.24	854.89	-3.34	1 448.82	-9.05	Nov 9

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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	580	680	-100	713	775	-62	1 315	1 523	-208	Nov 9
Singapore	718	708	+10	850	880	-30	1 220	1 516	-296	Nov 9
Fujairah	613	666	-53	865	822	+43	1 600	1 579	+21	Nov 9
Houston	505	664	-159	760	784	-24	1 290	1 379	-89	Nov 9

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Digital Bunker Prices
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Analytical Section
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Latest News
- 2026-11-09
  Oil slides as Trump signals restraint on Iran despite fresh shipping attacks
  Brent crude futures hit their lowest since early September on Monday after US President Donald Trump downplayed the likelihood of renewed strikes on Iran, though attacks on ships near the Strait of Hormuz kept supply concerns in focus. Trump said on... Read more Brent crude futures hit their lowest since early September on Monday after US President Donald Trump downplayed the likelihood of renewed strikes on Iran, though attacks on ships near the Strait of Hormuz kept supply concerns in focus.
  
  Trump said on Sunday that he was highly unlikely to order fresh attacks on Iran as long as talks to end the conflict progressed, even as both countries reported that shipping had been hit in or near the Strait of Hormuz.
  
  Which sectors have historically moved most with oil supply-risk shocks?
  
  How has LCO reacted to past Iran-related shipping disruptions?
  Brent crude futures were down $5.05, or 5.2%, to $93.27 a barrel by 1427 GMT, having slid as low as $93.21 a barrel earlier.
  
  US West Texas Intermediate lost $4.12, or 4.5%, to $86.71.
  
  The Brent benchmark plunged by 16% last week to touch a two-month low of $93.22, marking its steepest weekly drop since the start of the COVID-19 pandemic.
  
  "Oil continues to trade lower on hopes of a US-Iran peace deal rather than concrete signs of progress," said Saxo Bank analyst Ole Hansen, adding that Trump’s latest comments that fresh strikes on Iran are highly unlikely have increased pressure on prices.
  
  UBS analyst Giovanni Staunovo said: "Weakness in the physical market, supported by still-elevated flows out of the Middle East, is one factor weighing on prices."
  
  Dated Brent, used to price cargoes around the world, has weakened to a discount to the nearby Brent futures contract, Morgan Stanley said in a report on Monday, highlighting weakness in the physical market.
  
  Trump had hinted at a resumption of attacks on Iran after ⁠last week’s US midterm elections, but there has been no sign of a large-scale US military operation. Iran has said it would respond by striking US and Israeli targets.
  
  Tim Waterer, chief analyst at KCM Trade, called Trump’s comments "more measured" but said the market is still waiting to see whether the midterms have produced a lasting shift in Trump’s approach to the conflict, or whether this is just another temporary change in tone.
  
  The global oil market is showing signs of a return to excess supply as demand drops because of high prices, some analysts say. JP Morgan estimated a global oil surplus of 1.4 million bpd in October, the bank said in a report last week. Source: Reuters/Investing.com
- 2026-11-09
  TFG Marine anticipating a mid-November start for new Venezuelan bunkering operation
  Following TFG Marine’s announcement earlier this week that it is expanding its Caribbean bunkering network to Venezuela, the company tells ship.energy that bunker barges are currently en route to the country and will be ready for a mid-month start-up... Read more
- 2026-11-09
  BIMCO says MEPC 85 proposal may ‘provide a more meaningful measure of a ship’s operational energy efficiency’
  BIMCO says that a proposal that it has submitted to the International Maritime Organization’s (IMO) Marine Environment Protection Committee ahead of its 85th meeting (MEPC 85) along with other international associations can help ensure that Carbon Intensity... Read more
- 2026-11-09
  LR and MAWANI sign MoU on developing Saudi Arabia’s maritime and ports sectors
  Lloyd’s Register (LR) and the Saudi Ports Authority (MAWANI) have signed a Memorandum of Understanding (MoU) to explore collaboration on the continued development of Saudi Arabia’s maritime and ports sectors, with focus areas to include sustainability,... Read more
- 2026-11-09
  Cavotec reports ‘all-time high order backlog’
  Shore power and mooring system provider Cavotec has reported an ‘all-time high order backlog and strong revenue growth’ for the third quarter (Q3) of 2026. In a statement issued on Friday (6 November), the company posted a revenue of €42.6 million,... Read more
- 2026-11-09
  WFW Managing Partner Keeble appointed Chair of Poseidon Principles’ new Advisory Council
  Law firm Watson Farley & Williams (WFW) has announced that its Managing Partner Lindsey Keeble has been appointed Chair of the Poseidon Principles’ new Advisory Council. Launched in 2019 with the aim of supporting the International Maritime Organization’s... Read more
- 2026-11-09
  V.O. Chidambaranar Port Authority eyes end of November for green methanol bunkering hub launch
  A green methanol bunkering hub at India’s V.O. Chidambaranar Port is set to begin commercial operations by the end of November, the port authority has said. According to a statement issued by V.O. Chidambaranar Port Authority (VOC) on 7 November, the... Read more
- 2026-11-09
  A2B-online orders two more methanol-fuelled vessels
  European short-sea transportation firm A2B-online has contracted China Merchants Industry Weihai Shipyard to build two methanol-fuelled vessels, while the first two ships in the series, A2B Vision and A2B Progress, are said to be ready to enter service... Read more
- 2026-11-09
  Oil steadies after Trump signals restraint on Iran, Hormuz risks persist
  Oil prices were steady on Monday after US President Donald Trump downplayed the likelihood of new strikes on Iran, though attacks on ships near the Strait of Hormuz kept supply concerns in focus. Brent inched up 3 cents to $98.35 a barrel by 0427 GMT,... Read more Oil prices were steady on Monday after US President Donald Trump downplayed the likelihood of new strikes on Iran, though attacks on ships near the Strait of Hormuz kept supply concerns in focus.
  
  Brent inched up 3 cents to $98.35 a barrel by 0427 GMT, while US West Texas Intermediate rose 0.5% to $91.30 a barrel.
  
  Which regions are most exposed to prolonged Hormuz disruptions?
  
  How could Hormuz disruption affect LCO supply exposure?
  Brent fell 16% last week, the steepest weekly drop since the start of the COVID pandemic.
  
  "Despite the recent optimism surrounding a potential diplomatic breakthrough, the underlying geopolitical risks remain elevated, and the possibility of renewed military escalation cannot be ruled out," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.
  
  "The market appears to be pricing in a relatively optimistic scenario of de-escalation, even though a comprehensive agreement between Washington and Tehran has yet to materialise," she said.
  
  Trump said on Sunday he was highly unlikely to order fresh attacks on Iran as long as talks to end the conflict progress, even as both countries reported that shipping had been hit in or near the Strait of Hormuz.
  
  He had hinted at renewing attacks on Iran after ⁠last week’s US midterm elections, but there has been no sign of a large-scale US military operation. Iran has said it would respond by striking US and Israeli targets.
  
  Tim Waterer, chief analyst at KCM Trade, called Trump’s comments "more measured" but said "the market is still waiting to see whether the midterms have produced a lasting shift in Trump’s approach to the conflict, or whether this is just another temporary change in tone."
  
  Oil is headed for a glut again as recovering Middle Eastern oil flows, rising production from other countries and weak demand have pushed global supply above consumption, JPMorgan said in a report on Friday, estimating a surplus of 1.1 million barrels per day in September, widening to 1.4 million bpd in October.
  
  Separately the Iran-aligned Houthis claimed responsibility for an attack on Saudi Aramco’s offices in the capital Riyadh on Sunday that left windows blown out but no reported casualties. Source: Reuters/Investing.com
- 2026-11-09
  Iraq’s 5 Million Bpd Oil Claim Complicates Its OPEC Quota Push
  Iraq's campaign for a larger OPEC production allocation has taken a complicated turn after Oil Minister Basim Mohammed Khudair said the country is already producing more than 5 million barrels per day, more than half a million barrels above its current... Read more Iraq's campaign for a larger OPEC production allocation has taken a complicated turn after Oil Minister Basim Mohammed Khudair said the country is already producing more than 5 million barrels per day, more than half a million barrels above its current OPEC+ requirement. Khudair’s statement raises a basic question over Iraq’s current production as OPEC prepares to set production levels for 2027. Just six days earlier, Baghdad joined six other OPEC+ producers in agreeing to maintain current production requirements for December, leaving Iraq at 4.431 million bpd. Shortly after Khudair put Iraqi production above 5 million bpd, the Oil Ministry reaffirmed Iraq's commitment to the 4.431 million bpd ceiling, saying October production had increased but giving no figure.
  
  Baghdad has spent months trying to persuade OPEC to recognize substantially more Iraqi production capacity. Iraq is seeking a future baseline based on capacity of around 6 million bpd, while OPEC is independently assessing members' maximum sustainable production capacity as it prepares its 2027 production framework. Iraq reported production of 4.399 million bpd to OPEC in September, before the Oil Ministry reported a further increase in October without providing a figure.
  
  The OPEC Word Game
  
  Khudair said Iraq remained compliant with OPEC because its exports were within what he described as the group’s “export ceiling.” But Iraq’s 4.431 million bpd OPEC+ requirement is a production target, not an export target.
  
  OPEC’s rules are explicit on this point. Compliance is assessed using crude oil production, based on estimates from independent secondary sources. As Bloomberg’s Javier Blas has explained, OPEC+ has occasionally allowed individual countries to make commitments based partly on exports, most notably Russia, creating an increasingly complicated collection of cuts and targets. But that is not how Iraq’s current 4.431 million bpd requirement is defined: it applies to crude production.
  
  For Iraq, exports and production can differ significantly. Crude produced in Iraq can be exported, domestically refined, directly consumed for power generation or moved into storage. Iraq’s OPEC+ requirement, however, is measured against crude production rather than the volume ultimately exported.
  
  That is why Khudair’s explanation does not resolve the problem created by his own production figure. Iraq could export less than 4.431 million bpd and still produce more than its OPEC+ requirement. And if Khudair’s figure of more than 5 million bpd refers to crude production as OPEC defines it, it would put Iraqi output at least 569,000 bpd above the nominal requirement.
  
  OPEC does not simply use Baghdad’s reported production number when assessing compliance. It uses estimates from independent secondary sources, and those estimates can differ substantially from Iraq’s own figures. Khudair’s statement therefore does not establish that OPEC itself will record Iraqi production above 5 million bpd. But his reference to exports does not explain how production above that level would comply with Iraq’s production requirement.
  
  Has the Iran War Changed the Rules?
  
  Khudair’s choice of words, however, deserves a closer look.
  
  The U.S.-Iran war has radically changed the relationship between production and exports across the Gulf. For months, Iraq, Saudi Arabia and Kuwait have been producing below their OPEC+ allowances as the closure of Hormuz and continuing shipping disruptions restricted Gulf exports.
  
  That raises an obvious question as to whether OPEC has quietly become more interested in how much oil its members can actually export than how much they produce.
  
  So far, there is no direct indication that it has. OPEC’s Joint Ministerial Monitoring Committee (JMMC) directly addressed the disruption to international maritime routes in October, but continued to assess members using crude oil production data and adherence to production adjustments. OPEC ministers returned to the Hormuz problem on October 12, saying unprecedented shipping and insurance costs were impeding crude and product flows, without announcing any change in the way compliance is measured.
  
  On November 1, with Gulf exports still severely constrained by the war, OPEC+ maintained its existing production requirements for December and again called for full conformity. Reuters reported that the group was still struggling with export disruptions caused by the war even as it kept those production targets unchanged.
  
  Is Iraq Really Producing 5 Million BPD?
  
  Khudair’s production figure is also difficult to reconcile with the independent data available so far.
  
  Iraq reported crude production of 4.399 million bpd to OPEC in September, meaning output would have had to rise by at least 601,000 bpd in October or early November to reach the level Khudair described. The IEA estimated September production considerably lower, at 4.10 million bpd.
  
  The IEA also estimated Iraq’s sustainable production capacity at 4.87 million bpd, below the level Khudair now says the country is actually producing.
  
  Exports certainly recovered. Iraq shipped about 3.5 million bpd in October, according to Iraqi energy officials cited by Reuters, up from 2.65 million bpd in September. At that export rate, production above 5 million bpd would leave more than 1.5 million bpd to be accounted for by refinery intake, domestic crude use, inventory changes and other movements.
  
  The missing number is October production. OPEC has yet to publish its first secondary-source estimate for the month, leaving no independent OPEC production figure that confirms the increase Khudair described. Source: Oilprice.com

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