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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 449.00
+93.00
1 390.00
+5.00
Sep 7
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 449.00	+93.00	1 390.00	+5.00	Sep 7

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
668.17	+7.86	829.98	+6.00	1 464.37	+9.20	Sep 10

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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	595	700	-105	705	793	-88	1 390	1 626	-236	Sep 10
Singapore	665	737	-72	860	906	-46	1 280	1 619	-339	Sep 10
Fujairah	667	685	-18	880	846	+34	1 472	1 682	-210	Sep 10
Houston	537	696	-159	735	827	-92	1 348	1 521	-173	Sep 10

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Latest News
- 2026-09-10
  Brent holds above $100 as tanker attacks deepen supply fear
  Oil prices held firm on Thursday after Brent crude breached $100 a barrel, with traders bracing for deeper supply disruptions as Iran and the United States launched their largest attacks on shipping since their six-month-old conflict began. Brent crude... Read more Oil prices held firm on Thursday after Brent crude breached $100 a barrel, with traders bracing for deeper supply disruptions as Iran and the United States launched their largest attacks on shipping since their six-month-old conflict began.
  
  Brent crude futures inched lower by 0.1% to $101.10 a barrel by 0256 GMT. U.S. West Texas Intermediate crude was at $96.24 a barrel, up 0.2%.
  
  Brent prices have surged nearly 30% from lows touched in early August as a permanent agreement between the U.S. and Iran to cease attacks never materialised, while renewed fighting began later in the month.
  
  Iran said on Wednesday it had attacked 10 ships near the Strait of Hormuz after the U.S. sank five Iranian oil tankers, and Iran’s Islamic Revolutionary Guard Corps said it would escalate its response to any further attacks.
  
  "The tit-for-tat attacks suggest oil flows from the Persian Gulf are likely to remain disrupted for the foreseeable future," ANZ analyst Daniel Hynes said in a client note.
  
  Oil flows through the Strait of Hormuz, the waterway that before the war carried roughly a fifth of global oil and gas supplies, remain far below pre-war levels.
  
  Pressure is mounting on alternative channels for Gulf oil exports, with Iran-aligned Houthi militants stepping up strikes against Saudi Arabia, threatening crude shipments via the Red Sea.
  
  Uncertainty around actual volumes coming from the Strait of Hormuz and continued shipping disruptions are keeping physical markets tight and supporting a geopolitical risk premium in oil prices, OCBC analyst Christopher Wong said in a note.
  
  In the physical crude oil market, the dated Brent oil benchmark, against which roughly two-thirds of supply is priced, has been above $100 per barrel since September 3, according to LSEG data.
  
  The U.S. Energy Information Administration on Wednesday raised its oil price forecasts for this year and next, as global stockpiles drop due to the loss of Middle Eastern supply. Source: Reuters/Investing.com
- 2026-09-10
  Oil Breaks $100—and This Rally Has Legs
  For months, crude oil prices have been constrained by reports of improving tanker traffic in the Strait of Hormuz. Even after the June ceasefire between Iran and the United States collapsed, tankers moving in and out of Hormuz have been moving at rates... Read more For months, crude oil prices have been constrained by reports of improving tanker traffic in the Strait of Hormuz. Even after the June ceasefire between Iran and the United States collapsed, tankers moving in and out of Hormuz have been moving at rates higher than in the spring. This has now changed with the latest escalation in the chokepoint, sending Brent crude above $100 per barrel on Wednesday morning.
  
  For months, analysts have been warning that Brent crude could surge to over $100 per barrel and stay there for an extended period of time. On Wednesday, Brent finally broke through that threshold for the first time since late July, as escalating fighting between U.S. and Iranian forces intensified concerns about oil flows from the region.
  
  Reports of recovering crude oil flows out of the Persian Gulf were the main factor that kept a lid on prices. Per recent data, average daily outflows in early August stood at between 6 and 8 million barrels. Some, like Rystad Energy, put the average daily even higher, at between 8 and 9 million barrels as of late August. Yet that was before fighting between U.S. and Iranian forces resumed, slashing the daily flows to below 2 million barrels daily. The moving average stood at some 4 to 5 million barrels, again according to Rystad Energy, as quoted by Reuters earlier this week. Per Kpler, not a single very large crude carrier has exited the strait since September 2, the Reuters report also noted.
  
  Meanwhile, fighting escalated this week, with the United States reporting it had destroyed five Iranian tankers in the Persian Gulf. In response, Iran attacked a U.S. base in Jordan. Brent crude jumped through $100 per barrel on Wednesday as neither side appeared willing to de-escalate.
  
  Still, the worst predictions about oil prices have not yet materialized. The reason for this is that Middle Eastern producers have found alternative channels to send their crude abroad. In most cases, these are pipelines that carry the crude to ports outside the Strait of Hormuz. For the UAE, it is a pipeline to the port of Fujairah, right outside Hormuz. For Iraq, it is the pipeline that carries crude to Turkey and the Mediterranean coast. For Saudi Arabia, it was the East-West pipeline where flows were reversed to carry the crude to the Red Sea port of Yanbu—close to the Yemeni Houthis.
  
  The Houthis entered the fray earlier this year, targeting Saudi vessels and energy infrastructure, with the latest attack on the Jizan refinery taking place earlier this week. Other refineries on the Arabian Peninsula have also come under attack, from Iranian forces.
  
  While Brent has now broken above $100 per barrel, the question is whether prices can remain there—and potentially move significantly higher. The longer the war continues, the thinner the remaining lid on prices becomes. The reason it is becoming thinner is that the world is drawing on crude from inventories to cushion the price blow. These inventories are not bottomless.
  
  In its latest monthly Oil Market Report, the International Energy Agency reported that, as of July, some 8.3 million barrels daily of oil production remained shut in across the Middle East. The IEA also reported that global oil inventories had dipped by 69 million barrels in July, adding to earlier draws, for an average daily rate of inventory decline of 2.7 million barrels daily. The draw will continue as the fighting in the Middle East continues—and this will keep pushing oil prices higher.
  
  Many observers of a bearish persuasion like to point out that there is still plenty of oil in the world, both in storage and in production, so any hint of a de-escalation, not to mention the June ceasefire, has pressured prices. However, over a period longer than a couple of weeks, the trend in international oil benchmarks is quite clear: oil does fall, but it falls less and less sharply. This has made for a cumulative gain of close to $40 for Brent crude since September 2025. West Texas Intermediate has gained over $30 per barrel since September last year—and this is just the futures market. On the physical market, prices are higher.
  
  Some crude blends are already over $100 per barrel. Murban crude is one of them, and the DME Oman benchmark is another. The OPEC basket is trading above $100 per barrel, and so is the Indian basket. Now, Brent futures have joined them above the psychologically important $100 threshold. This is not exactly bearish for prices going forward, especially in the absence of any reports pointing to the possibility of renewed peace negotiations between Tehran and Washington. This is bad news because demand for crude tends to rise in the final quarter of the year. There will be, of course, demand destruction because of prices, but this destruction tends to be limited due to the fundamental role of crude oil derivatives for economies. This suggests that prices could climb even higher—and stay there. Source: Oilprice.com
- 2026-09-10
  MABUX: Global bunker market to continue upward trend on Sep. 10 amid escalating Middle East conflict.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – continued its upward trajectory on Sep. 09 for the third consecutive session: 380 HSFO: USD/MT: 660.31 (+6.21) VLSFO: USD/MT: 660.31 (+6.21) MGO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – continued its upward trajectory on Sep. 09 for the third consecutive session:
  
  380 HSFO: USD/MT: 660.31 (+6.21)
  VLSFO: USD/MT: 660.31 (+6.21)
  MGO: USD/MT: 1 455.17 (+5.23)
  
  As of Sep. 09, the MABUX Market Differential Index (MDI), which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), showed the following trends across the four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four ports continued to be underpriced. The MDI discount widened by $1 in both Rotterdam and Fujairah, while narrowed by $3 in Singapore and remained unchanged in Houston. Houston's MDI stayed above the $100 threshold, while Fujairah remained close to the 100-percent correlation level between MBP and DBP.
  
  • VLSFO segment: Fujairah was the only overpriced port, with its premium widening further by $2. The other three ports were underpriced, with MDI discounts declining by $6 in Rotterdam, but increasing by $2 in both Singapore and Houston.
  
  Minor day-on-day changes in MDI values across the 380 HSFO and VLSFO segments indicate a relative stabilization of the MBP-to-DBP balance around recently established levels.
  
  • MGO LS segment: MDI discounts narrowed sharply by $430 in Rotterdam, $50 in Singapore, $24 in Fujairah, and $40 in Houston. Despite this substantial correction, MDI values remained well above the $100 threshold across all four hubs, indicating persistent and significant underpricing in the MGO LS segment.
  
  The global bunker market is expected to maintain its upward momentum on Sep. 10 amid escalating geopolitical tensions in the Middle East:
  380 HSFO: plus 5-10 USD/MT, VLSFO: plus 5-15 USD/MT, MGO LS: plus 8–20 USD/MT.
  Source: MABUX
- 2026-09-10
  U.S. Moves to Isolate Iran’s Aviation Sector From the Global Economy
  The United States has imposed sanctions on all of Iran's remaining active airlines, sharply escalating pressure on Tehran's aviation sector as part of a broader campaign aimed at cutting the Islamic Republic off from international trade and finance. The... Read more The United States has imposed sanctions on all of Iran's remaining active airlines, sharply escalating pressure on Tehran's aviation sector as part of a broader campaign aimed at cutting the Islamic Republic off from international trade and finance.
  
  The US Treasury Department on September 8 sanctioned 36 targets, including 27 Iranian airlines, as well as foreign companies and an individual accused of helping Iran's sanctioned aviation networks procure aircraft, aircraft parts, and other technology.
  
  The action marks the first time Washington has used a new August 24 determination targeting Iran's aviation sector to sanction the country's remaining airlines. Treasury said the sector is used by the Iranian government to move weapons, personnel, and illicit cargo.
  
  "Let this be a warning to anyone doing business with Iran's remaining airlines, all of which we sanctioned today: You are at risk of being cut off from the global financial system," Treasury Secretary Scott Bessent said.
  
  "We will not relent in our campaign to shut down the Iranian regime's financial lifelines, including the aviation sector," State Department spokesman Tommy Pigott said in a statement.
  
  The sanctions come under President Donald Trump's so-called Operation Economic Outcast, announced by Bessent on August 24 as part of a campaign to sever what Washington describes as the Iranian regime's remaining economic lifelines.
  
  Among the airlines designated are Iran Aseman Airlines, Iran Airtour, Kish Airlines, Qeshm Air, Karun Airlines, Sepehran Airlines, Taban Airlines, Varesh Airlines, Zagros Airlines, Chabahar Airlines, Fly Persia, and Saha Airlines, formally known as the Armed Forces Air Transport Service.
  
  Other carriers sanctioned include Air Shiraz, Ava Airlines, Fly Kish, Mehr Airways, Raimon Airways, and Soroush Air.
  
  There was no immediate public response from Iran to the September 8 measures.
  
  Targeting Iran's Aviation Lifelines
  
  The Treasury action goes beyond Iranian carriers, targeting a network of foreign companies that Washington says helped sanctioned Mahan Air acquire aircraft and operate international flights.
  
  Mahan Air has been under US counterterrorism sanctions since 2011. Washington accuses the carrier of providing logistical support to Iran's Islamic Revolutionary Guards Corps (IRGC), including by transporting personnel, weapons, and military equipment.
  
  The Treasury said Mahan Air received at least three Boeing 777 aircraft this summer through a route involving the United Arab Emirates and Oman. The UAE-based ECT Aviation Support and Turkey-based Sky Phoenix were identified as intermediaries in what Washington described as a scheme to transfer US-origin aircraft to Mahan Air.
  
  ECT Aviation Support's owner and chief executive, Egyptian national Ibrahim Ali Mohamed Mahran, was also sanctioned.
  
  Other foreign companies targeted include Malaysia-based iCargo, Kazakhstan-based Tour Invest, and Turkish firms MES Cargo and S Sistem Logistics. Treasury said the companies provided general sales, cargo, logistics, or other services to Mahan Air.
  
  S Sistem, for example, was accused of coordinating shipments of unmanned aerial vehicle components and industrial equipment destined for Iran. Treasury said iCargo had coordinated shipments of US-origin parts to Iran on Mahan Air's behalf.
  
  Kerri Bitsoff, a former senior official at the US Treasury's Office of Foreign Assets Control, told RFE/RL that the measures could have a broad impact because of the extent to which international aviation relies on US-origin equipment and technology.
  
  "Treasury's action today designated every remaining Iranian airline and pulled the authorizations that let foreign carriers fly US-origin aircraft into Iran," Bitsoff said.
  
  "Nearly every commercial plane in the world is US-origin or flies on US-controlled engines and avionics, so that reaches almost the entire global fleet," she added.
  
  Bitsoff said direct air links had been among Tehran's remaining channels to the outside world and accused the Iranian government of using them to move "gold and hard currency," IRGC personnel and weapons, as well as aircraft parts and dual-use components.
  
  She said the pressure was particularly significant amid what she described as a broader tightening of economic routes around Iran, with maritime routes restricted, European governments backing the pressure campaign, and Persian Gulf countries reducing trade.
  
  "These designations force a choice on every fuel supplier, ground handler, and bank that still touches an Iranian airline," Bitsoff said.
  
  Pressure On Intermediaries
  
  Treasury also suspended three Iran-related aviation authorizations, including permissions concerning overflights and the operation of US-origin or US-controlled commercial aircraft in Iran by non-US airlines.
  
  Requests related to aviation safety will be considered on a case-by-case basis, the department said.
  
  Brett Erickson, a sanctions expert at Obsidian Risk Advisors, described the move as a major escalation of Washington's pressure campaign.
  
  "This is a significant escalation of Operation Economic Outcast," Erickson told RFE/RL. "Washington is pairing a naval blockade with sanctions designed to close off airspace as an alternative economic route and make it harder for Iran to move goods or buffer its economy."
  
  The Treasury said foreign companies and individuals that facilitate transactions involving sanctioned Iranian airlines could face serious consequences, including secondary sanctions that could restrict their access to the US financial system.
  
  US persons are generally prohibited from conducting transactions involving the blocked entities, while foreign financial institutions can face restrictions on their US correspondent or payable-through accounts for certain significant transactions involving sanctioned parties.
  
  Alongside the sanctions, the Treasury's Financial Crimes Enforcement Network, or FinCEN, issued an alert urging financial institutions to watch for Iranian procurement networks seeking aircraft and aircraft parts through front companies and intermediaries in third countries.
  
  The department said Iranian airlines have used companies posing as aviation, technology, or logistics businesses in Europe, the Middle East, Africa, and Asia to acquire Western aircraft, components, and dual-use goods while concealing the ultimate Iranian end-user.
  
  The new measures extend Washington's campaign from individual airlines and support companies to virtually the entire commercial aviation infrastructure serving Iran, increasing the risks for foreign businesses that continue to provide Tehran with aircraft, parts, cargo services, sales representation, or financial support. Source: Oilprice.com
- 2026-09-10
  Bank of England Warns Iran War Could Push UK Inflation Above 4%
  Bank of England governor Andrew Bailey has warned inflationary pressures are still buffeting the UK economy and energy prices could rise further next year if the war in Iran continues. Speaking to MPs on Tuesday, the Bank chief said inflation risks... Read more Bank of England governor Andrew Bailey has warned inflationary pressures are still buffeting the UK economy and energy prices could rise further next year if the war in Iran continues.
  
  Speaking to MPs on Tuesday, the Bank chief said inflation risks were “to the upside” and energy prices “could be higher still” due to the conflict, which has triggered a surge in oil prices and stoked inflation fears globally.
  
  “The conflict is still going on and it is also causing a high level of energy prices and quite a bit of volatility in energy prices,” Bailey said, adding that turbulence was “feeding through into financial markets”.
  
  Energy costs have risen sharply after the Islamic Republic blockaded the Strait of Hormuz and choked off the supply of oil from some of the world’s biggest producers. Brent crude prices climbed toward $100 a barrel on Tuesday after the Iran-aligned Houthi militia attacked several refineries in Saudi Arabia and caused a halt to some operations.
  
  Speaking in parliament, Bailey warned that higher short-term bond yields, which are determined by traders, suggesting there could be three interest rate hikes over the next 12 months were “consistent” with a pessimistic view on risks facing the UK economy.
  
  However, he insisted there was “no secret plan” to hike rates in the coming months and the Bank’s Monetary Policy Committee would be led by data.
  
  Interest rates meeting coming
  
  The group of rate-setters will decide on whether to hike interest rates next week. The governor raised concern on supply chains for oil and gas production in the Middle East, which remain under threat as the US, Israel and Iran have failed to agree to a peace deal.
  
  In its last report from the summer, officials at the Bank warned that inflation could jump to over four per cent – double the Bank’s target rate – in the scenario where oil prices hover around $100 per barrel for several months. Inflation in the year to July was 2.9 per cent, up from 2.6 per cent in the month before.
  
  The warnings came after it was revealed on Tuesday that the UK would pay the highest borrowing costs on new debt in nearly 30 years. While government borrowing costs globally have surged in recent weeks amid fears over persistent inflation, the UK has been hit hardest among developed nations.
  
  Bailey said that pricing on UK government bond yields in markets was a “reflection” of fears that inflation could spike.
  
  He also said that traders had priced in a premium on top of expectations in order to cover the risks of prolonged trade disruption across the Strait of Hormuz, which could lead to higher prices for households.
  
  Higher borrowing costs were “entirely consistent with the view that the risks are on the upside here,” Bailey warned.
  
  Economists at the Bank have suggested that a rise in inflation would depend on second-round effects, which occur when higher prices push up wage growth and vice-versa.
  
  Bailey said high levels of youth unemployment at a rate of around 16 per cent were “frankly concerning”, although a slowdown in the jobs market could soften price pressures in the economy. Source: Oilprice.com
- 2026-09-10
  U.S. Crude Stocks Edge Lower as Oil Tops $100
  The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 300,000 barrels in the week ending September 4. In the week prior, US crude oil inventories fell by 2.6 million barrels. Commercial crude oil inventories... Read more The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 300,000 barrels in the week ending September 4. In the week prior, US crude oil inventories fell by 2.6 million barrels.
  
  Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last 21 weeks, with US crude inventories up 2.8 million for the year, according to API data, kept in check by draws from the SPR.
  
  For the week ending September 4, another 1.2 million barrels left the SPR to aid commercial inventories, bringing the new total inventory held in the SPR to 285.4 million barrels—a level that is 446 million barrels shy of maximum capacity.
  
  The generally accepted operational minimum for oil in the SPR is between 250-300 million barrels, below which the reserve may find it difficult to pump and process oil efficiently.
  
  US production for the week ending August 28 rose to 13.862 million bpd, up from 13.843 in the week prior, and up 423,000 bpd from a year earlier.
  
  At 3:16 pm ET on Wednesday, Brent crude was trading up on the day at $101.46 (+3.62%), a nearly $6 per barrel gain week over week.
  
  WTI was also trading up on the day, by $3.41 per barrel (+3.67%) at $96.44, up nearly $6 per barrel from this time last week.
  
  Gasoline inventories fell this week by 1.9 million barrels in the week ending September 4. In the week prior, gasoline inventories rose by 300,000 barrels. In the week prior, gasoline inventories were already 6% below the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories gained 2 million barrels, compared to the 300,000-barrel loss in the week prior. Distillate inventories were 14% below the five-year average heading into this reporting period, the latest EIA data shows.
  
  Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—fell by 300,000 barrels over the reporting period after rising by 200,000 barrels in the week prior.
  
  Source: Oilprice.com
- 2026-09-10
  Google Bets €13 Billion on Finland to Power AI Boom With Nuclear Energy
  Google will invest at least €13 billion ($15.1 billion) in Finnish AI infrastructure over 2027 and 2028 and has signed a 22-year power purchase agreement with Fortum for up to 50% of the output from the Loviisa nuclear plant, Google's first nuclear power... Read more Google will invest at least €13 billion ($15.1 billion) in Finnish AI infrastructure over 2027 and 2028 and has signed a 22-year power purchase agreement with Fortum for up to 50% of the output from the Loviisa nuclear plant, Google's first nuclear power contract outside the United States, the companies said Wednesday.
  
  The Fortum agreement funds a life-extension and upgrade program that keeps Loviisa running through 2050. Without it, the plant, which supplies about 10% of Finland's electricity and employs nearly 600 people, would have had to shut down after 2030, Fortum said. Fortum shares rose 10% within hours of the announcement.
  
  The buildout adds capacity at Google's existing Hamina data center campus and includes three new sites in Kajaani, Muhos and Vaala. This is Google's largest single investment in Europe, and part of Alphabet's global 2026 capital spending plan of $195-$205 billion. Construction, running through 2027 and 2028, is projected to add €3.6 billion annually to Finland's GDP and support more than 37,000 jobs, about 16,000 of them in construction. Google estimates 7,000 permanent jobs once the sites are operational.
  
  Alphabet Chief Investment Officer Ruth Porat called the Finland deal “a really important cornerstone” to the company's AI buildout. Google separately signed onshore wind contracts adding 629 megawatts of capacity and a 94-megawatt battery system near Kajaani, due online in late 2027.
  
  Climate Power's Data Center Air Pollution Tracker scored Google 61 out of 100 on clean-energy use in August, tied with Meta. Google, Amazon and Microsoft's combined data center operations produced 19 million metric tons of carbon dioxide equivalent last year, output comparable to a third of France's annual emissions.
  
  Google's contract joins two other corporate nuclear power deals in the U.S.: Microsoft's 20-year, 835-megawatt agreement with Constellation Energy to restart Three Mile Island Unit 1, and Amazon's 1,920-megawatt supply deal with Talen Energy at the Susquehanna plant.
  
  Source: Oilprice.com
- 2026-09-10
  ExxonMobil, ANPG Notch 20th Discovery in Angola's Block 15
  Angola's National Oil, Gas and Biofuels Agency, ExxonMobil and its Block 15 partners confirmed a new oil discovery at the Vicango Este-01 well on Wednesday, the deepwater block's 20th find since production began. Some 370 kilometers (230 miles) northwest... Read more Angola's National Oil, Gas and Biofuels Agency, ExxonMobil and its Block 15 partners confirmed a new oil discovery at the Vicango Este-01 well on Wednesday, the deepwater block's 20th find since production began. Some 370 kilometers (230 miles) northwest of Luanda, the well was drilled to 940 meters, encountering 25 meters of high-quality, hydrocarbon-bearing sandstone, according to a joint company statement, as reported by CNBC.
  
  Block 15 has produced more than 2.7 billion barrels over 30 years. In a joint statement, ExxonMobil Angola chief executive Brian Unietis called Block 15 "one of Angola's most significant deepwater developments" and said new discoveries increase the value of existing infrastructure, in the joint statement.
  
  The discovery comes three weeks after Chevron reported a discovery at its 105-4X well in neighboring Block 0, where the company hit more than 2,000 feet of hydrocarbons and found 300 feet of net pay in the Pinda reservoir of the Lower Congo Basin. Chevron is weighing a tie-in to existing Block 0 facilities over a standalone project. The company has logged three near-field discoveries in Nigeria since late 2024 and plans to drill the Nabba-1X well in Namibia before year-end.
  
  It’s been a tough road for Angolan state producer Sonangol, which holds stakes across the country's offshore blocks, and was forced to borrow $2.65 billion from a bank syndicate in June to cover operating costs, in addition to a $1.75 billion Afreximbank facility and a $750 million bond sold months earlier. The company is chasing $4.8 billion more for its Lobito refinery and has scheduled a partial stock listing for 2027.
  
  Angola trails only Nigeria among Sub-Saharan Africa's crude producers. National output has stabilized near 1.1 million barrels per day, down from a 2008 peak above 2 million bpd. New fiscal terms and exploration incentives from Luanda are pulling drilling back into both mature and untested acreage, Vicango Este-01 among the results. Source: Oilprice.com
- 2026-09-10
  Sinopec Sees China Oil Demand Falling 8.9% in 2026
  China’s Sinopec, the world’s top refiner by capacity, expects Chinese oil demand to drop by 8.9% in 2026 from a year earlier amid demand destruction from higher oil prices and the acceleration of electric vehicle adoption. Oil demand in the world’s... Read more China’s Sinopec, the world’s top refiner by capacity, expects Chinese oil demand to drop by 8.9% in 2026 from a year earlier amid demand destruction from higher oil prices and the acceleration of electric vehicle adoption.
  
  Oil demand in the world’s biggest crude oil importer is expected to drop by 600,000 barrels per day (bpd) on average this year compared to last year, according to estimates by Sinopec’s research arm quoted by Reuters.
  
  Gasoline demand is set for an 8.7% decline, while diesel consumption is expected to crash by 11.4%, Sinopec Economics & Development Research Institute says.
  
  The only petroleum product used in transportation that would see an increase is jet fuel, whose demand is expected to increase by 1.3% this year compared to 2025.
  
  The high oil and fuel prices amid the Iran war accelerated the structural shift toward EVs this year, eating into the road transportation fuel demand.
  
  China has managed the Strait of Hormuz crisis better than most expectations as it slashed its imports of crude oil and temporarily banned fuel exports in the spring and early summer.
  
  The high oil prices destroyed some demand and sped up the adoption of EVs, which has been growing anyway in recent years, suppressing total oil demand even without blocked crude supplies in the Middle East.
  
  Amid falling road fuel demand, Sinopec, or China Petroleum & Chemical Corporation as it is officially known, is looking to transform its business.
  
  Sinopec will be allocating more capital to new energy and chemicals by the end of the decade to grow revenues and profits amid the lowest domestic fuel sales in China in nearly a decade.
  
  In its first-half earnings release, Sinopec flagged falling domestic fuel sales, which have been weighing on the company’s earnings for two years now.
  
  “Due to the dampening effect of high oil prices on demand and accelerated substitution by new energy, domestic refined oil products consumption declined by 8.6% year on year, among which gasoline decreased by 7.9%, diesel decreased by 11.5%, while jet fuel (kerosene) rose by 1.3% driven by holiday travel and the recovery of international routes,” Sinopec said in its press release. Source: Oilprice.com
- 2026-09-10
  Morgan Stanley: Oil Traders Are ‘More Precise’ With Risk as Wars Drag On
  Uncertainty about how the wars in Iran and Ukraine will unfold is keeping many traders away from taking positions in longer-dated futures contracts, according to investment bank Morgan Stanley. Most traders have now moved to bet on futures prices within... Read more Uncertainty about how the wars in Iran and Ukraine will unfold is keeping many traders away from taking positions in longer-dated futures contracts, according to investment bank Morgan Stanley.
  
  Most traders have now moved to bet on futures prices within a three to six-month period, instead of longer-dated futures contracts, as volatility has spiked and uncertainty has grown regarding where the wars are going and how much they would continue to impact the global oil market.
  
  “People have been more precise with their risk,” Brendan Ross, Co-Head Global Oil Trading at Morgan Stanley, said at the Asia Pacific Petroleum Conference in Singapore on Wednesday, as carried by Bloomberg.
  
  “They’ve decided what they really want and what’s an unexpected bleed,” Ross added.
  
  Many traders are ditching too risky bets and are piling up in near-dated futures contracts as they don’t want to be caught on the wrong side of the longer-dated bets amid high uncertainty about the Iran and Ukraine wars, according to the expert.
  
  This shift into near-dated futures has sapped liquidity in the longer-term contracts, Ross noted.
  
  Meanwhile, speculators and portfolio managers have recently amassed bets in the fuel markets as these have been considerably tighter than the crude oil market. Hedge funds have gone from short on fuels early in the spring to long now, building a net long position of 177 million barrels across the most traded fuel contracts—gasoline and diesel—as of September 1, according to the latest available data from exchanges compiled by energy analyst John Kemp.
  
  Speculators’ position on fuels is likely to remain strongly bullish in the coming weeks, reflecting the impossibility of replacing lost output from the Middle East and Russia with alternative supply because there is not enough production capacity elsewhere. So, U.S. inventories of diesel and, most notably, gasoline, will continue to draw from an already low point. Source: Oilprice.com

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