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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
967.00
+63.00
1 285.00
-5.00
Apr 28
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	967.00	+63.00	1 285.00	-5.00	Apr 28

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
763.57	+4.62	910.14	+2.58	1 451.98	-8.07	Apr 29

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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	650	769	-119	740	854	-114	1 285	1 374	-89	Apr 29
Singapore	672	800	-128	764	950	-186	1 285	1 367	-82	Apr 29
Fujairah	660	743	-83	803	919	-116	1 490	1 430	+60	Apr 29
Houston	660	738	-78	870	864	+6	1 226	1 262	-36	Apr 29

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Latest News
- 2026-04-29
  Oil rises on reports US will extend Iran blockade, prolonging Mideast supply disruptions
  Oil prices rose on Wednesday, extending a multi-day rally, on reports the U.S. will extend its blockade of Iranian ports, likely prolonging supply disruptions from the key Middle East producing region. U.S. President Donald Trump has instructed aides... Read more Oil prices rose on Wednesday, extending a multi-day rally, on reports the U.S. will extend its blockade of Iranian ports, likely prolonging supply disruptions from the key Middle East producing region.
  U.S. President Donald Trump has instructed aides to prepare for an extended blockade of Iran, the Wall Street Journal reported late on Tuesday, citing U.S. officials.
  Trump will opt to continue to squeeze Iran’s economy and oil exports by preventing shipping to and from its ports, the report said.
  Brent crude futures for June rose 52 cents, or 0.47%, to $111.78 a barrel at 0154 GMT, climbing for an eighth day. The June contract expires on Thursday and the more active July contract was at $104.84, up 0.4%.
  U.S. West Texas Intermediate (WTI) futures for June rose 57 cents, or 0.57%, to $100.50 a barrel after gaining 3.7% in the previous session, climbing for seven out of the last eight days.
  "The recent rise in oil prices has been driven by the Strait blockade. If Trump is prepared to extend the blockade, supply disruptions would worsen further and continue to push oil prices higher," said Yang An, an analyst at Haitong Futures.
  Though there is a ceasefire in the U.S.-Israeli war with Iran, the conflict remains deadlocked while the sides seek a formal end to the fighting, with Iran shutting shipping flows through the Strait of Hormuz, a conduit for about 20% of global oil and liquefied natural gas supplies, and the U.S. blockading Iranian ports.
  
  The U.S. is pressing for an end to what it claims is Iran’s nuclear weapons programme while Iran is demanding some form of reparations from the latest round of fighting, an easing of economic sanctions and some form of control over the Strait of Hormuz.
  The Hormuz shutdown is continuing to foster pulls from global inventories, with market sources saying late on Tuesday the American Petroleum Institute reported U.S. crude oil inventories fell for a second week.
  Crude stocks fell by 1.79 million barrels in the week ended April 24, the sources said. Gasoline inventories fell by 8.47 million barrels, while distillate inventories fell by 2.60 million barrels. Source: Reuters/Investing.com
- 2026-04-29
  The Oil Supply Shock Will Scar the World for Years
  The Middle East’s oil production and the global economy will take months and even years to recover from the worst crude supply shock in history. Two months after the U.S. and Israel bombed Iran on February 28, the Strait of Hormuz remains closed for... Read more The Middle East’s oil production and the global economy will take months and even years to recover from the worst crude supply shock in history.
  
  Two months after the U.S. and Israel bombed Iran on February 28, the Strait of Hormuz remains closed for most tanker traffic, forcing more than 10 million barrels per day (bpd) of crude output shut-ins across the Middle Eastern oil producers. The disrupted energy flows triggered a global race for alternative supply, and sent energy prices soaring with the prospect of slowing global economic growth and even leading to a global recession if the world’s most critical oil chokepoint stays mostly inaccessible for another three months.
  
  The two-month-long closure of the Strait of Hormuz is longer than analysts had expected at the start of the war. Most assumed back then that the Strait would open by April and producers could restart shut-in wells in May.
  
  That’s not happening. Supplies remain trapped in the Persian Gulf behind the Strait of Hormuz, with onshore storage tanks filled up and tankers unable to move past the chokepoint and out of the region.
  
  Gradual Recovery
  
  Even if the Strait of Hormuz opened to free tanker traffic today, oil supply from the Middle East will take months to start flowing again and reach consumers in Asia, who were the first to feel the supply shock.
  
  The longer the chokepoint remains off limits to most tanker traffic, the worse the scars would be on global supply and economic growth.
  
  The restart of thousands of oil wells across the Middle East would be a big challenge. Some countries would need weeks, but others – like Iraq – many months to bring wells back online, analysts and officials say.
  
  Related: Germany Scrambles for Polish Oil Route as Russia Halts Druzhba Flows
  
  Some wells may have been damaged, permanently, due to the hasty shut-ins in the early days of the war. Others will need new interventions and drilling to unclog, and output would not immediately return, even if the Strait of Hormuz is open unconditionally to all vessel traffic.
  
  Even if traffic is unconstrained, it will take countries like Iraq up to nine months to reach prior production levels, due to both reservoir management and resource constraints, Fraser McKay, Head of Upstream Analysis at Wood Mackenzie, said early this month when the U.S. and Iran announced a ceasefire.
  
  The halt to hostilities hasn’t resulted in any diplomatic breakthrough so far, and the Strait of Hormuz remains closed by Iran and blockaded by the U.S.
  
  In the event of producers starting to restore the shut-in production, which appears a distant prospect now that the standoff at the Strait continues, “Operators hastened by regulators and governments to restore production too rapidly, will risk doing more long-term damage to foundational assets,” WoodMac’s McKay warned.
  
  The world’s top oilfield operators also said any recovery in Middle East’s oil production would be gradual.
  
  “While some countries that executed orderly shut-ins should be able to resume production within days or weeks, other areas—particularly where disruptions were more abrupt—may require more value ramp-up, including additional waiting time and maintenance,” Olivier Le Peuch, CEO at the world’s top oilfield services provider, SLB, said on the earnings call last week.
  
  Halliburton’s CEO Jeff Miller said on his company’s earnings call that “The longer things are shut in, typically the more complex they are to bring back on.”
  
  He also noted that “the situation in the Middle East will have meaningful and long-lasting implications for the global energy sector.”
  
  In its monthly report in April, the IEA said that supply restoration in the Gulf depends on these key enablers: improved security and political stability, the resumption of Hormuz trade flows, the mobilization of skilled labor and contractors, and the normalization of supply chains, tanker insurance, and financing.
  
  Most fields that were properly shut in could restart quickly, but those with low recovery rates and flow issues may face delays of six months or more, the agency noted.
  
  “Upon a reopening of Hormuz and renewed security for trade flows, we estimate that it would take around two months to re-establish steady exports, and that initial volumes would remain below pre-conflict levels,” said the IEA.
  
  Oil Market and Economy Fallout
  
  But reality on the ground, and in the Strait of Hormuz, is that a reopening is unlikely within days, and the longer the disruption is in place, the longer the lead times to export recovery and the greater the damage to global energy prices and economy will be.
  
  The worst of the worst disruption in the history of oil markets is that, ironically, basically all the global spare production capacity is in Saudi Arabia and the United Arab Emirates (UAE)—and thus trapped behind the Strait of Hormuz.
  
  There isn’t any producing region capable of offsetting the huge loss of supply from the Middle East. And no, the U.S. shale patch cannot help.
  
  “Today, all of the spare capacity is behind the Strait of Hormuz, so the impact is obviously very direct,” Russell Hardy, CEO at the world’s biggest independent oil trader, Vitol, said at the FT Commodities Global Summit in Lausanne last week.
  
  The oil market has lost hundreds of millions of barrels of crude since the war began. Losses are growing by the hour, and oil market participants may have finally caught up on the huge loss of supply that won’t be returning for months, even if the Strait of Hormuz reopened unconditionally today.
  
  “In round numbers, the 1 billion [barrels] is baked in now because we have probably lost 600 million to 700 million at this stage, but by the time things get moving again, if they get moving again, it takes time to bring all back,” Vitol’s Hardy told the FT Commodities Global Summit. Source: Oilprice.com
- 2026-04-29
  Iran Reactivates Derelict Tanker as Kharg Island Nears Storage Limit
  Trump's blockade is having a predictable effect on Iran's economy and oil industry, with reports that the regime is scrambling to repurpose old and rusty tankers as floating storage. Kharg Island is hitting capacity and the results could lead to disaster... Read more Trump's blockade is having a predictable effect on Iran's economy and oil industry, with reports that the regime is scrambling to repurpose old and rusty tankers as floating storage. Kharg Island is hitting capacity and the results could lead to disaster for Iran's oil wells.
  
  The regime is reportedly moving to expand crude storage at the island, where around 90% of their energy exports are processed, by reactivating a 30-year-old crude carrier called M/T Nasha. It's a bad sign for Iran, indicating that the country’s main oil hub is nearing its onshore storage limit. Maritime analysts say the vessel, which had been anchored empty for years, is being repositioned as floating storage to absorb crude that still has to move out of the system.
  
  To prepare for the possibility of running out of oil storage space at Kharg Island, Iran has brought NASHA (9079107) out of retirement. She's a 30yo VLCC that's been anchored empty for the past few years; currently spending 4 days on a trip that should take 1.5–2 days. #OOTT pic.twitter.com/jFhq2xP0mU
  
  But how much time will decommissioned tankers buy Iran? Current estimates indicate Kharg Island has roughly 13 million barrels of spare onshore storage remaining at the terminal, while net inflows are running at about 1.0 million to 1.1 million barrels per day. At that pace, storage could be filled in about 12 to 13 days, which places the saturation point in late April to early May if current flows hold. A large tanker gives them another potential 2 million barrels of capacity. In other words, not much.
  
  This data is a near match to JP Morgan's recent assessment that Iran has between 20 - 26 days of capacity (including emergency measures) before they hit the wall and are forced to shut down their oil fields.
  
  Trump's assertion on Sunday that Iran's oil infrastructure may "explode in three days" due to the blockade might be a bit optimistic, but with the threat of overcapacity it is likely that the Iranians will be forced to the negotiating table in the near term.
  
  The regime's only other option is to divert the oil away from Kharg to the Jask Oil Terminal at Kooh Mobarak using the Goreh-Jask pipeline. But this storage is limited and may already be full.
  
  There are also limited reports that Iran is increasing "flaring" at wells to burn off excess. To keep wells operating safely (avoiding sudden shutdowns that can cause permanent geological issues), operators are flaring off excess associated gas (and possibly some liquid byproducts) at a heightened rate.
  
  If wells are forced to shut down due to lack of storage, this could cause permanent damage and render the wells unusable in the future. Recovery is expensive and difficult.
  
  If the current data is accurate, then Iran has approximately two more weeks before their economy is destroyed. Loss of $430 million per day in export revenues aside, permanent damage to their oil fields would result in a long term economic disaster.
  
  The danger of well shutdowns is probably the reason why the regime has offered new proposals every few days to open the Strait of Hormuz, though, they continue to call for a separate negotiation on their estimated 970 pounds of enriched Uranium stockpile.
  
  There is little incentive for Trump to lift the blockade at this time, given the amount of leverage he will have over the Iranian economy if he maintains restrictions on their oil exports for another two weeks. The regime is trapped between a rock and a hard place, and will have to decide soon if their oil wells are more important to them than their Uranium. Source: Oilprice.com
- 2026-04-29
  MABUX: Global bunker market to enter a phase of irregular changes on Apr. 29.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — moved sideways without a clear trend on Apr. 28: 380 HSFO: USD/MT: 758.95 (+7.62) VLSFO: USD/MT 907.56 (+9.81) MGO: USD/MT 1 460.05 (-2.50) As... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — moved sideways without a clear trend on Apr. 28:
  
  380 HSFO: USD/MT: 758.95 (+7.62)
  VLSFO: USD/MT 907.56 (+9.81)
  MGO: USD/MT 1 460.05 (-2.50)
  
  As of Apr. 28, the MABUX Market Differential Index (MDI), which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), indicated the following trends across key hubs (Rotterdam, Singapore, Fujairah, Houston:
  
  • HSFO segment: All four ports continued to be undercharged. The underpricing widened by $11 in Rotterdam, $17 in Singapore, $19 in Fujairah, and $8 in Houston. MDI values in Rotterdam and Singapore exceeded the $100 threshold.
  
  • VLSFO segment: Houston remained the only overcharged port, with its premium declining by $22. The other three hubs were undercharged: discounts were unchanged in Rotterdam and increased by $20 in Singapore and $19 in Fujairah. MDI levels in Rotterdam and Singapore remained above $100, while Fujairah approached this level.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston stayed in the undercharge zone. Discounts widened by $18, $46, and $26, respectively. Fujairah remained the only overcharged port, though its premium declined by $18. Rotterdam’s MDI stayed above $100, Singapore approached this level, while Fujairah moved closer to the parity line between MBP and DBP.
  
  The market remains highly sensitive to developments around Hormuz. Suppliers are limiting volumes due to the risk that a rapid reopening may not be matched by demand, potentially leaving them with high-cost inventory. This maintains tight availability while reinforcing a cautious supply stance. MABUX expects the global bunker market to enter a phase of irregular movements on Apr. 29: 380 HSFO: plus 5-10 USD/MT, VLSFO: plus 5–10 USD/MT, MGO LS: minus 3–20 USD/MT.
  Source: MABUX
- 2026-04-29
  Oil Spikes Above $110 on Iran War Escalation and UAE OPEC Shock Exit
  Brent surges above $110 as fears grow that the U.S.-Iran war could drag into a prolonged conflict, while the UAE’s shock OPEC exit raises questions over a broader Middle East energy realignment. Oil Boom, Currency Zoom: Energy Winners Surge as Importers... Read more Brent surges above $110 as fears grow that the U.S.-Iran war could drag into a prolonged conflict, while the UAE’s shock OPEC exit raises questions over a broader Middle East energy realignment.
  
  Oil Boom, Currency Zoom: Energy Winners Surge as Importers Feel the Burn
  
  - The US-Iran conflict has propelled currencies from energy-exporting countries into the limelight, with windfall profits from exports of oil, gas and metals helping them to outperform the US dollar.
  
  - Strategists from JP Morgan and Deutsche Bank have singled out the Norwegian krone and the Australian dollar as the most promising energy-linked currencies, whilst the Brazilian real has so far been the best-performing major currency with a 3.15% uplift on the US dollar since March.
  
  - Kazakhstan has been the best-performing currency globally, gaining 10% over the past two months, as crude oil accounts for 17% of the country’s GDP.
  
  - Windfall profits from energy sales could prompt major exporters to adopt a tighter monetary policy, potentially even interest rate hikes in 2026 to cap inflation.
  
  - India, 89% dependent on crude oil imports to cover its domestic needs, has caught the other end of the stick, with the Indian rupee losing almost 3.5% compared to the US dollar since the onset of the US-Iran war.
  
  Market Movers
  
  - UK-based energy major Shell (LON:SHEL) has agreed to purchase Canadian oil and gas producer ARC Resources for $16.4 billion in a cash-and-stock deal, boosting its production by some 370,000 boe/d, particularly in the Montney shale basin.
  
  - Colombia’s state oil company Ecopetrol (NYSE:EC) has agreed to buy a 26% stake in Brazilian independent oil producer Brava Energia and intends to launch a tender offer to secure a controlling stake.
  
  - Arguably the most closely watched exploration well of 2025, ENI’s (BIT:ENI) Matsola-1 wildcat spudded in offshore Libya was declared a ‘non-commercial discovery’ by the Italian major.
  
  - US oil major Chevron (NYSE:CVX) is expected to close a $1 billion deal for the sale of its 50% stake in Singapore’s 290,000 b/d Jurong Island refinery and other assets to Japan’s top refiner Eneos (TYO:5020).
  
  Tuesday, April 28, 2026
  
  Brent futures are back above $110 per barrel as industry voices are increasingly warning of the US-Iran war degenerating into a ‘forever’ conflict. That sentiment was boosted by the failure of this weekend’s Islamabad talks and Trump’s subsequent comments on Iranian ceasefire proposals, saying he was ‘unhappy’ with Tehran’s attitude. The sudden announcement of the UAE's exit from OPEC has seemingly overshadowed the US-Iran war on Tuesday, prompting market participants to speculate if this could lead to a wider shake-up of Middle Eastern energy policies.
  
  UAE Exits OPEC, Throws OPEC+ into Disarray. The United Arab Emirates has said it will leave OPEC and the OPEC+ oil group effective May 1, claiming the decision follows a review of its production capacity (targeting 5 million b/d by 2027) and was based on the country’s national interests.
  
  Chinese Refiners Eye Return to Markets. China’s state-controlled refiners Sinopec and CNPC have started applying for government export permits that would allow them to resume refined product exports in May, citing ample domestic stockpiles of transportation fuels and high regional cracks.
  
  Ukraine Drones Halted Russian Refinery. In a rare occurrence, Ukraine repeatedly attacked the 240,000 b/d Tuapse refinery this week after it was already halted in April 16, with the new strikes causing a major fire at the facility and forcing local authorities to evacuate adjacent areas.
  
  Saudi Arabia Extends LPG Force Majeure. Saudi national oil company Saudi Aramco (TADAWUL:2222) has informed customers that LPG shipments from its Juaymah facility on the country’s east coast would continue to be suspended through May, for the third month in a row.
  
  Nigeria Reaps the Benefit of Iran War. Nigeria’s national oil company NNPC has raised the official selling prices of all 37 Nigerian crude grades for May-loading cargoes, hiking its flagship grade Bonny Light by a whopping $6.13 per barrel compared to April, whilst Forcados is up by $7.01 per barrel.
  
  Vitol Eyes Key Role in Argentina’s LNG Project. Global trading firm Vitol has signed a memorandum of understanding with Argentinian developer Camuzzi on the $3.9 billion LNG del Plata project, potentially the third liquefaction plant in the country, with an option to buy 100% of its production.
  
  Somali Pirates Take Their Timing Seriously. According to the Joint Maritime Information Center, Somali pirates have attacked and hijacked an oil products tanker sailing off the coast of Somalia this week, qualifying the risk of further pirate attacks in the region as ‘substantial’.
  
  Little by Little, Africa’s Refining Is Growing. Algeria’s national oil company Sonatrach and Chad’s state hydrocarbon firm SHT have agreed to build a new refinery in Chad, adding another 20,000 b/d capacity plant to the 20,000 b/d Ndjamena refinery that is already in operation.
  
  US Sanctions Disrupt Chinese Giant. One of China’s leading petrochemical players, the 400,000 b/d Hengli refinery in Dalian was hit with US sanctions for alleged trade with Iran, with the company’s press release stating it has enough oil inventories to sustain operations through at least July.
  
  Summer Heat Prompts Vietnam to Buy LNG. Vietnam is boosting its imports of liquefied natural gas as it braces for above-average temperatures in May-June, already importing 276,000 tonnes this month, the highest monthly reading on record and double the amount in the same period of 2025.
  
  EV Sales Boom on Hormuz Disruption. In March 2026, the first month of the US-Iran conflict, global sales of electric vehicles surged by 75% month-over-month to 1.14 million units, driven predominantly by Europe, Australia, and Northeast Asia, whilst the sales in North America dipped.
  
  Australia’s China Nightmare Talks to End Soon. Australian miner Fortescue is expected to finalize its term contract with China’s state iron ore buyer CMRG in the coming months, building on last week’s negotiation breakthrough of peer miner BHP, potentially ending a months-long supply halt.
  
  Sweden Issues ‘Early Warning’ on Jet Shortage. Foreshadowing what Europe could face soon, the government of Sweden has issued a notice about potential shortages of jet fuel as the Scandinavian country imported some 630,000 tonnes of jet fuel in 2025, even though it has access to North Sea oil.
  
  P66 Takes Over Shuttered UK Refinery. US downstream giant Phillips 66 (NYSE:PSX) has completed the acquisition of the 110,000 b/d Lindsey refinery, shut in July 2025 after its previous owner Prax, declared bankruptcy, intending to leverage the site’s storage capacity without resuming runs there.
  
  Suriname First Oil Draws Nearer. French oil giant TotalEnergies (NYSE:TTE) will spud its first well offshore Suriname by year-end 2026, remaining committed to its pledge to start production from the $12.5 billion Gran Morgu project by mid-2028, building on the success of neighboring Guyana. Source: Oilprice.com
- 2026-04-29
  Crude Inventories Continue to Decline Amid Strong Oil Product Draws
  The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. In the week prior, US crude oil inventories fell by 4.4 million barrels. Analysts had expected a... Read more The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. In the week prior, US crude oil inventories fell by 4.4 million barrels. Analysts had expected a 300,000-barrel build.
  
  US crude inventories are up 45 million barrels so far this year, according to API data.
  
  Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down to alleviate the pressure on prices. For week ending April 24, 7.1 million barrels left the SPR, bringing the new total to 397.9 million barrels. This is 327.6 million barrels shy of maximum capacity.
  
  US production fell to 13.585 million bpd for the week ending April 17, down from 13.596 million bpd in the week prior, according to the latest EIA data. This is 125,000 bpd more than this same time last year.
  
  At 1:42 pm ET, moments after data release, Brent crude was trading up on the day at $111.10 (+2.60%). This is up roughly $12 per barrel week over week as a deal with Iran continues to be out of reach. WTI was also trading up on the day, by $3.80 per barrel (+4.00%) at $100.20, up roughly $10 per barrel week over week.
  
  Gasoline inventories fell this week by 8.47 million barrels in the week ending April 24. In the week prior, gasoline inventories fell by 5.165 million barrels. As of last week, gasoline inventories were 0.5% below the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories fell by 2.6 million barrels, after shedding 4.59 million barrels in the week prior. Distillate inventories were already 8% below the five-year average as of the week ending April 17, the latest EIA data shows.
  
  Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—fell by 820,000 barrels, after rising by 678,000 barrels in the week prior. Source: Oilprice.com
- 2026-04-29
  Germany Scrambles for Polish Oil Route as Russia Halts Druzhba Flows
  Germany is hunting for solutions to reroute crude oil supplies to the PCK Schwedt refinery after Russia said it would halt Kazakh oil deliveries through the Druzhba pipeline starting May 1, with roughly 43,000 barrels per day (bpd) now at risk. Berlin... Read more Germany is hunting for solutions to reroute crude oil supplies to the PCK Schwedt refinery after Russia said it would halt Kazakh oil deliveries through the Druzhba pipeline starting May 1, with roughly 43,000 barrels per day (bpd) now at risk.
  
  Berlin is now in talks with Poland over moving replacement barrels through the port of Gdansk, with potential deliveries flowing onward to Schwedt, the refinery that supplies much of eastern Germany, including Berlin, with fuels. The plant has become a recurring pressure point since Germany moved away from Russian crude, and this latest disruption exposes how little slack remains in the system.
  
  Kazakhstan shipped 2.146 million metric tons to Germany through Druzhba last year, up 44% from 2024, with another 730,000 tons delivered in the first quarter.
  
  Poland says it has the technical capacity to handle additional flows, but port access, shipping schedules, crude availability and refinery configurations all matter, too. Replacing pipeline crude with seaborne barrels is rarely a one-for-one swap.
  
  The episode also revives an old vulnerability in European oil security in that the infrastructure can be diversified on paper and still remain concentrated in practice, with Druzbha still running through Russia.
  
  Alternatives do exist for Schwedt, but they are costlier and more complicated. The refinery has increasingly leaned on crude arriving through Baltic routes and Germany’s Rostock port, but those channels are limited.
  
  There is a bigger signal here for the oil market. What looks like a regional supply disruption adds to a broader premium around logistics security, not just crude supply. In Europe, barrels are one question. Moving them is another.
  
  And that distinction matters increasingly for pricing, refinery margins, and the value of secure non-Russian supply routes. Source: Oilprice.com
- 2026-04-29
  Higher Oil Prices Lift Sinopec Profit 28% in First Quarter
  China’s top refiner posted a strong first quarter as higher crude prices lifted inventory values and stable domestic fuel sales helped to offset pressure from disrupted Middle East supply. China Petroleum & Chemical Corporation (Sinopec) reported first-quarter... Read more China’s top refiner posted a strong first quarter as higher crude prices lifted inventory values and stable domestic fuel sales helped to offset pressure from disrupted Middle East supply.
  
  China Petroleum & Chemical Corporation (Sinopec) reported first-quarter net income of 17 billion yuan ($2.49 billion), up 28% from a year earlier, according to a Shanghai exchange filing. The results land as major oil companies begin showing how the Iran-driven supply shock is feeding through earnings.
  
  Throughput at Sinopec slipped 0.2% year over year to 62.02 million metric tons, or 5.03 million barrels per day (bpd), while refined fuel sales edged down 0.2% to 55.46 million tons. Domestic sales, however, rose 0.6%. China had capped domestic fuel price increases twice during the quarter, limiting margin upside for refiners as crude prices climbed.
  
  The company cut its March refining runs by 5% as the war disrupted Middle East crude flows, yet still grew profit sharply.
  
  Upstream helped carry the quarter. Oil and gas output rose 0.4% to 131.5 million barrels of oil equivalent (boe). Domestic crude production rose 1%. Natural gas output also edged upward.
  
  Capital spending moved sharply higher. Sinopec spent 25.17 billion yuan in the quarter, up from 18.25 billion yuan a year earlier, with 62% directed to upstream oil and gas projects.
  
  Chemicals remained a weak spot. Ethylene output fell 8% as petrochemical margins stayed under pressure.
  
  BP on Tuesday also reported a strong Q1 performance as higher oil and gas prices boosted results, reinforcing how integrated majors with upstream exposure are benefiting from volatility even as supply disruptions strain consuming economies. Source: Oilprice.com
- 2026-04-29
  EU Urges Southeast Asia to Diversify Oil Supply without Leaning on Russia
  The European Union would prefer Southeast Asian countries to diversify their oil supply by buying oil from producers other than Russia, the EU’s foreign policy chief Kaja Kallas said on Tuesday during meetings of representatives with ASEAN countries. Southeast... Read more The European Union would prefer Southeast Asian countries to diversify their oil supply by buying oil from producers other than Russia, the EU’s foreign policy chief Kaja Kallas said on Tuesday during meetings of representatives with ASEAN countries.
  
  Southeast Asian economies such as the Philippines, Indonesia, Malaysia, and Vietnam were the first to feel fuel shortages after the blocked Strait of Hormuz cut off most of their regular crude and fuel supply from the Middle East.
  
  The Philippines, which sourced 98% of all its oil from the Middle East before the war, declared a national energy emergency as early as in the middle of March.
  
  Many of the Southeast Asian countries have turned to alternative suppliers, including Russian oil, which is now allowed for unsanctioned sale by the U.S. Treasury until May 16, under a waiver the Trump Administration extended by a month earlier in April.
  
  But the EU isn’t too happy that Russia stands to gain from the crisis in the Middle East.
  
  Kaja Kallas, the EU’s High Representative for Foreign Affairs and Security Policy, said in Brunei today that “there is an energy crisis right now in the world. And unfortunately, this energy crisis is benefiting Russia.”
  
  Higher revenues for Russia from oil sales mean more funds for the Kremlin to continue its war in Ukraine, Kallas said.
  
  “We want wars to end. We want peace and then we do not have these kind of problems. So, that is why we are advocating for diversifying resources and finding them elsewhere, not from Russia,” the EU’s top diplomat said.
  
  At the end of last month, Petron, the only refinery in the Philippines, secured almost 2.5 million barrels of Russian crude out of “extreme necessity.”
  
  “The Corporation wishes to emphasize that the procurement of Russian crude oil is not part of the Corporation's business-as-usual sourcing strategy, and the purchases were undertaken strictly out of extreme necessity as an extraordinary emergency measure in response to unprecedented geopolitical and supply-chain disruptions and only after exhausting all commercially and operationally viable alternatives,” Petron said.
  
  Indonesia, Southeast Asia’s biggest economy, last week said it would import 150 million barrels of crude from Russia this year to offset part of the loss of Middle Eastern supply.
  
  Another major economy in the ASEAN bloc, Malaysia, as well as Vietnam are also in search of Russian oil as the Strait of Hormuz has been blocked for Source: Oilprice.com
- 2026-04-29
  After Record $19.50 Premium, Saudi Arabia Eyes Sharp Cut to June Asia Prices
  The world’s top crude exporter, Saudi Arabia, is expected to slash its official selling prices (OSPs) for crude loading for Asia in June from the record-highs for May as the premiums of the Middle Eastern benchmarks eased this month. Saudi oil giant... Read more The world’s top crude exporter, Saudi Arabia, is expected to slash its official selling prices (OSPs) for crude loading for Asia in June from the record-highs for May as the premiums of the Middle Eastern benchmarks eased this month.
  
  Saudi oil giant Aramco is widely expected to announce in early May a reduction of the OSP of the flagship Arab Light crude by between $5 and $12 per barrel compared to the Oman/Dubai average, off which Middle Eastern producers price their crude going to Asia, a Reuters survey of industry sources showed on Tuesday.
  
  The Arab Light grade could see its OSP falling to a premium of $7.50-$14.50 over the average of the Oman and Dubai benchmarks for June, compared to a record-high premium of $19.50 for loadings for Asia in May.
  
  In early April, Saudi Arabia hiked the price of Arab Light loading for Asia in May to a record-high premium over the Middle Eastern benchmarks as the de facto closure of the Strait of Hormuz upended oil flows and roiled markets and prices.
  
  The premium for May was the highest ever in Saudi pricing, although it was below the $40 per barrel premium over Oman/Dubai that some refiners and traders had expected.
  
  Saudi Arabia typically announces around the fifth of each month its crude pricing for the following month and doesn’t comment on price changes.
  
  The pricing announcement follows the monthly OPEC+ gatherings at which the producers, led by Saudi Arabia, decide how to maintain market stability.
  
  For the June pricing, the Reuters survey participants expect all other grades to also see price reductions of between $5 and $12 per barrel in the premium to Oman/Dubai.
  
  The wide gap of $7 per barrel, in the expectations of the market suggests that traders and refiners in Asia aren’t sure how Saudi Arabia would approach the June pricing, as the Strait of Hormuz is still closed and only the Yanbu port on the Red Sea is regularly shipping out Saudi light crude to international markets.
  
  Source: Oilprice.com

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