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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
890.00
0.00
855.00
+10.00
Jun 23
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	890.00	0.00	855.00	+10.00	Jun 23

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
561.61	-7.84	718.71	-5.45	1 070.87	-0.50	Jun 25

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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	467	535	-68	590	586	+4	855	1 029	-174	Jun 25
Singapore	465	561	-96	715	660	+55	880	1 022	-142	Jun 25
Fujairah	525	498	+27	985	561	+424	1 370	1 085	+285	Jun 25
Houston	483	537	-54	595	618	-23	893	1 019	-126	Jun 25

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Latest News
- 2026-06-25
  Oil extends decline on rising Middle East supply
  Oil prices extended their decline on Thursday to near levels last seen before the start of the Iran war, as rising supply expectations from the Middle East outweighed demand concerns. Prompt-month Brent crude futures for August delivery fell $1.22,... Read more Oil prices extended their decline on Thursday to near levels last seen before the start of the Iran war, as rising supply expectations from the Middle East outweighed demand concerns.
  
  Prompt-month Brent crude futures for August delivery fell $1.22, or 1.65%, to $72.52 a barrel as of 0337 GMT, while U.S. West Texas Intermediate lost $1.02, or 1.45%, to $69.32 a barrel.
  
  Both contracts hit their lowest since February 27.
  
  August Brent was trading lower than September, which was priced at $73.59, signalling ample short-term supply.
  
  "The speed of this decline has caught plenty off guard as markets price in a much faster return of Middle Eastern barrels than most had anticipated just a fortnight ago," IG analyst Tony Sycamore said in a note.
  
  Brent had fallen more than $3 on Wednesday as supply concerns eased, and WTI settled down nearly $3.
  
  U.S. Energy Secretary Chris Wright told a forum on Wednesday that flows through the Strait of Hormuz were close to what they were before the start of the Iran war, saying at least 20 million barrels had exited the strait in the last 24 hours. He added a return to complete normalcy would take a few weeks because the strait needs to be demined.
  
  Rising Middle Eastern supply, together with Iran set to boost sales following a temporary reprieve from U.S. sanctions, drove down prices of physical crude oil cargoes around the world.
  
  An initial accord last week to end the U.S.-Israeli war with Iran, which began on February 28, has allowed traffic through the strait to restart.
  
  The accord set up a 60-day period of negotiations to tackle more difficult issues including Iran’s nuclear programme. Wright said oil would continue to flow through the strait even if the deal did not hold, and that Iran would not be able to close it again.
  
  Oman on Wednesday opened temporary routes to ease tanker departures from the Strait of Hormuz, with the International Maritime Organization and Omani authorities coordinating movements. Qatar’s prime minister visited Oman for talks on initiating negotiations over the strait’s future management with Iran, Iraq and Gulf states.
  
  Macquarie analysts expected oil to normalise quickly toward pre-war levels as supply chains adapt and the Strait of Hormuz reopens.
  
  They forecast Brent and WTI prices to average $67 and $62 per barrel, respectively, in the third quarter, down from the second quarter’s average of $94 and $87 per barrel.
  
  U.S. total crude stocks hit their lowest since 1984 last week, the Energy Information Administration said on Wednesday, driven by strong refining demand and government oil releases from its emergency reserve. Markets, however, appeared unfazed by the EIA data as traders focused on the Strait of Hormuz. Source: Reuters/Investing.com
- 2026-06-25
  Qatar and the U.S. Warn EU of Gas Crunch Over Methane Regulation
  The United States and Qatar have once again warned the European Union against doubling down on climate policies seeking to penalize the LNG industry, saying that if it continues on this course, the EU will face a gas crunch and higher prices. “There... Read more The United States and Qatar have once again warned the European Union against doubling down on climate policies seeking to penalize the LNG industry, saying that if it continues on this course, the EU will face a gas crunch and higher prices.
  
  “There is no viable path to compliance with the regulation”, the top energy officials of the U.S. and Qatar, Chris Wright and Saad al-Kaabi, wrote in a letter quoted by the Financial Times. “Because legal compliance remains paramount, exporters and importers alike are unwilling to enter into contractual agreements that knowingly violate EU law,” the U.S. energy secretary and the Qatari energy minister also wrote. “Significant supply and price impacts are a certainty.”
  
  The letter comes ahead of a meeting on Friday when the energy ministers of EU member states will discuss the policies of the bloc. It was also signed by two other large gas suppliers to the European Union, Algeria and Nigeria, the FT also reported.
  
  The so-called methane regulation, adopted by the European Union two years ago, aimed at reducing not only the bloc’s own emissions of the greenhouse gas that constitutes almost 100% of natural gas but also forcing countries outside the EU that do business with the bloc to cut their emissions as well, notably gas suppliers. The regulation, starting this year, extends to all energy suppliers to the EU, and these suppliers were anything but happy about it.
  
  Both the United States and Qatar have already repeatedly warned the EU that they are unwilling to do business with it under the methane regulation that requires gas producers to track their methane emissions from the wellhead to the liquefaction plant and the LNG carrier after that, report them, and take pains to reduce these emissions, or face financial penalties.
  
  Qatar was blunt about it, saying last year that if the EU was so concerned about methane emissions, they should look for some other source of LNG because Qatar would stop selling to the bloc. Secretary Wright also said last year that the methane regulation was impossible to implement and described it as “a critical non-tariff trade barrier that imposes an undue burden on U.S. exporters and our trade relationship.”
  
  In response, Brussels caved partially, saying it will not enforce the penalties stipulated in the regulation until 2030. LNG exporters are still not happy with this option, insisting on what would effectively be the cancellation of the regulation—and they are not alone because there are EU member states that are not really eager to pay the additional cost of low-methane LNG, which would be inevitable, as pointed out by Wright and al-Kaabi.
  
  Not only are higher gas prices for European buyers inevitable, but Secretary Wright was not exaggerating when he said the regulation would be impossible to enforce in the U.S. shale gas patch. The reason is quite simple: U.S. natural gas is produced by multiple companies that then feed their output into a complex gas network that takes the gas to the liquefaction facilities on the Gulf Coast. Tracking every molecule to ensure it was produced and shipped with as few methane emissions as possible is quite literally, physically impossible.
  
  According to energy consultancy Rystad Energy, however, there is no problem with the EU methane regulation, because there are three times as much compliant natural gas available in the world as the EU imports, it said in a study commissioned by climate outlet the Environmental Defense Fund, as cited by the FT. One wonders, however, if that is indeed the case, why would both Qatar and the United States, which together account for a pretty solid portion of global LNG output, claim compliance is impossible, meaning there is not enough compliant gas in the world.
  
  The EU, for all its power posturing, is not in a position of strength. Bloomberg’s Javier Blas reported in a recent column that the bloc buys some 59% of its LNG from the United States, with the figure going all the way to 64% in April. As a result, Blas wrote, some in Brussels are starting to worry that the EU has become too dependent on a single supplier of a vital commodity—and it does not exactly have many alternatives should anything strain relations, such as, perhaps, an ill-conceived methane regulation.
  
  Yet it appears the purpose of the methane regulation is not necessarily to make sure the gas that Europeans buy is “clean”. The purpose, as described by the FT and attributed to proponents such as the Environmental Defense Fund, is to reduce gas consumption, apparently by making the conditions for purchasing that gas unpalatable. For those proponents, reducing gas consumption would improve the EU’s energy security. European industrial energy consumers beg to differ. Who will prevail should become clear pretty soon. Source: Oilprice.com
- 2026-06-25
  China’s Crude Imports Plunge To Lowest Level Since 2018
  Oil prices remain headline-driven, taking direction from escalation and de-escalation in the U.S-Iran conflict in the near term. The first round of talks between the United States and Iran in Switzerland has concluded with positive comments from both... Read more Oil prices remain headline-driven, taking direction from escalation and de-escalation in the U.S-Iran conflict in the near term. The first round of talks between the United States and Iran in Switzerland has concluded with positive comments from both sides, and an agreement to push for a final agreement within 60 days. However, there's considerable scepticism about whether more complex issues around nuclear technology and transit through the Strait of Hormuz can be fully resolved in the short timeframe. After all, the Joint Comprehensive Plan of Action (JCPOA) deal in 2015 took ~20 months of formal talks under former U.S. President Barack Obama. Brent crude for August delivery fell 4.79% to trade at $73.39 per barrel at 2.50 pm ET on Wednesday, the lowest settlement price since March 2nd, while the corresponding WTI crude contract was down 4.23% to change hands at $70.11/bbl. According to commodity analysts at Standard Chartered, the 200-day moving average (at $78.71/bbl on 23 June) has provided a level of support. However, that has proven to be insufficient during oil price selloffs at the 76.4% Fibonacci retracement at $73.74/bbl.
  
  Both crude grades are firmly in oversold territory, with a relative strength index (RSI) of 29.07 for Brent and 28.13 for WTI crude. StanChart reports there has been a sharp rise in confirmed crossings of the Strait of Hormuz, with 71 total transits recorded from 19-21 June. However, these transits remain opportunistic and cautious, with the Strait still vulnerable to short-term closure, particularly after US-Iran rhetoric escalated during the latest round of talks.
  
  While formal announcements around the timeline for normal operations to resume have been limited, the analysts project that oil supply normalization is unlikely to occur before the third quarter of the current year.
  
  StanChart is uncharacteristically bearish about the oil price outlook, saying the dramatic collapse in China’s crude imports is likely to keep a lid on oil prices.
  
  Indeed, China has shifted from relying heavily on importing physical cargoes to drawing on its extensive strategic reserves. China’s customs import data for May shows total crude oil imports fell to 7.82 million barrels per day, the lowest level since February 2018. Imports during the month were down 3.2 mb/d y/y (-29%), -1.58 mb/d m/m (-17%), and 4.76mb/d lower than February’s pre-conflict volumes (-38%). China cut back sharply on Middle Eastern crude imports from February, when the Iran war began, to May, notably from Iraq (-866 kb/d), UAE (-840 kb/d), Russia (-790 kb/d), Saudi Arabia (-392 kb/d), and Oman (-150 kb/d). China also lowered crude imports from Malaysia by 900kb/d, which likely represents Iranian barrels, and Congo by 179kb/d. Meanwhile, it increased imports from South Sudan (+120 kb/d), Canada (+71 kb/d), Indonesia (+65 kb/d), Colombia (+27 kb/d), and Brazil (+10 kb/d), showcasing a diversification in cargoes as Gulf barrel exports were constrained. Total crude imports from Russia totalled 1.967 mb/d, with Saudi Arabia second at 1.337 mb/d, while Brazil was not far behind at 1.278 mb/d. StanChart says the timing of China’s return to the physical cargo market will be critical to the rebound in global demand and the oil price trajectory into the end of the year.
  
  That said, StanChart has highlighted some notable bifurcations in refined products markets. Whereas the geopolitical risk premium has been reduced across most refined products, middle distillates are increasingly trading on economic fundamentals rather than geopolitics, with diesel and gasoil struggling under the weight of softer industrial demand. However, strength remains in gasoline, with the RBOB-Brent crack currently at $43.04/bbl, the highest level in nearly four years, while the RBOB-WTI crack is sitting at a six-week high of $50.54/bbl. According to StanChart, refiners are optimized for gasoline production during high summer demand. Meanwhile, U.S. gasoline inventories are notably tight at 214.24 million barrels on 12 June, 14.29 mb below the five-year average. Retail prices continue to soften: the American Automobile Association (AAA) quoted the national average retail gasoline price stood at $3.928/gallon on Wednesday, down from a high of $4.564/gal on 20th May.
  
  StanChart notes that attention is gradually turning back towards the dramatic escalation in Ukrainian attacks on Russian refining assets, affecting supplies of gasoline and diesel in particular, providing some level of structural support. Recently, we reported that the giant Moscow Oil Refinery is highly unlikely to resume production before early 2027 following severe structural damage caused by repeated Ukrainian long-range drone strikes. The plant produces 2.9 million tons of gasoline and 3.2 million tons of diesel annually, satisfying roughly 40% of Moscow's overall fuel market and 70% of the capital region's fuel and aviation kerosene demand. A series of targeted attacks in mid-June completely halted operations at the Gazprom Neft-operated facility in Kapotnya. Industry sources indicate that necessary repairs will take a minimum of six months, though a more pessimistic outlook pushes the timeline into next year. Source: Oilprice.com
- 2026-06-25
  MABUX: Downward Trend in Global Bunker Market to Remain predominant on Jun. 25.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — continued moving downward on Jun. 24 for the second consecutive day. 380 HSFO: USD/MT: 569.45 (-11.58) VLSFO: USD/MT 724.16 (-11.49) MGO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — continued moving downward on Jun. 24 for the second consecutive day.
  
  380 HSFO: USD/MT: 569.45 (-11.58)
  VLSFO: USD/MT 724.16 (-11.49)
  MGO: USD/MT 1 071.37 (-18.78)
  
  MABUX expects downward trend of bunker indices to remain predominant in the Global Bunker market on Jun. 25: minus 5-15 USD/MT, VLSFO: minus 5–15 USD/MT, MGO LS: minus 10–20 USD/MT.
  
  Market conditions remain volatile, and bunker price movements will continue to depend on developments in the broader oil market and regional supply-demand fundamentals.
  Source: MABUX
- 2026-06-25
  Norway's Oil Output Beats Forecasts Again Despite Pullback from April Highs
  Norwegian petroleum production eased in May after April's exceptionally strong performance, but the country's offshore sector continued to outperform expectations. Crude oil production came in 7.2% above official forecasts even as both oil and gas output... Read more Norwegian petroleum production eased in May after April's exceptionally strong performance, but the country's offshore sector continued to outperform expectations. Crude oil production came in 7.2% above official forecasts even as both oil and gas output declined from the previous month, reinforcing Norway's position as one of Europe's most reliable energy suppliers.
  
  Norway produced an average of 1.722 million barrels of crude oil per day in May, according to preliminary figures from the Norwegian Offshore Directorate. While that was down from 1.952 million barrels per day in April, production remained well above official expectations, extending a trend that has characterized much of 2026.
  
  Total liquids production, including natural gas liquids and condensate, averaged 1.909 million barrels per day in May, compared with 2.170 million barrels per day the month before. Despite the month-on-month decline, oil production exceeded official forecasts by 7.2%, while total petroleum production came in 2.9% above expectations.
  
  Natural gas production followed a different trajectory. Gas output averaged 303 million cubic meters per day in May, down from 340 million cubic meters per day in April. Unlike crude oil production, however, gas volumes were broadly in line with official forecasts, suggesting the decline primarily reflected operational and seasonal factors rather than weaker field performance.
  
  The latest figures highlight an important distinction in Norway's production profile. While both oil and gas output retreated from April's exceptionally strong levels, oil production continues to consistently outperform expectations, demonstrating the resilience of the Norwegian Continental Shelf even as many mature producing regions around the world struggle with accelerating decline rates.
  Related: Saudi Arabia’s Decided Who Its Future Superpower Partner Is, And It’s Not the US
  
  Year-to-date production remains firmly ahead of last year. Total petroleum production during the first five months of 2026 reached 102.6 million standard cubic meters of oil equivalent, approximately four percent higher than during the same period in 2025.
  
  The figures arrive at a time when European oil and gas markets are increasingly dependent on stable Norwegian supply. With OPEC+ gradually restoring production and geopolitical tensions continuing to influence global energy markets, Norway remains one of the few major producers consistently delivering volumes above expectations.
  
  Much of that resilience is anchored by world-class assets on the Norwegian Continental Shelf. Johan Sverdrup, Europe's largest producing oil field, remains a cornerstone of Norwegian crude output and continues to help offset natural declines elsewhere on the shelf. On the gas side, the giant Troll field supplies roughly one out of every ten cubic meters of gas consumed in Europe, making it one of the continent's most strategically important sources of energy.
  
  Although May represented a normalization from April's exceptionally strong output, the continued outperformance of oil production against forecasts suggests Norway's offshore sector remains one of the most dependable sources of incremental supply in the global energy market. For Europe, that reliability has become increasingly valuable as policymakers and consumers seek secure long-term energy supplies in an increasingly uncertain geopolitical environment. Source: Oilprice.com
- 2026-06-25
  U.S. Crude Inventories Post Another Major Draw
  Crude oil inventories in the United States decreased by 6.1 million barrels during the week ending June 19, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to... Read more Crude oil inventories in the United States decreased by 6.1 million barrels during the week ending June 19, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 412.1 million barrels, according to government data, which is now 7% below the five-year average for this time of year.
  
  The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 765,000 barrels in the period.
  
  Crude prices were down in mid-morning trading. At 10:16 a.m. in New York, Brent futures were trading at $73.40 per barrel—down $3.72 (-4.83%) on the day and down nearly $7 per barrel from this same time last week. WTI was also trading down on the day, by $3.40 per barrel (-4.62%) on Wednesday morning at $70.27.
  
  For total motor gasoline, the EIA reported that inventories had increased by 2.1 million barrels, compared to the week prior’s 900,000 barrel dip. The most recent figures showed that average daily gasoline production decreased to 9.5 million barrels. For middle distillates, inventories increased by 3.1 million barrels with production increasing to an average of 5.2 million barrels daily. Distillate inventories are now 10% below the five-year average.
  
  Total products supplied—a proxy for U.S. oil demand—averaged 20.5 million barrels per day over the last four weeks, up 2.1% compared to the same period last year. Gasoline demand averaged 8.8 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.6 million barrels—up 3.2% percent year over year. Source: Oilprice.com
- 2026-06-25
  Rubio Heads to Gulf as Iran Deal Sparks Anxiety Among U.S. Allies
  US Secretary of State Marco Rubio arrived in Abu Dhabi on June 23, opening a high-stakes Gulf tour aimed at reassuring Washington’s closest Arab allies after a fragile cease-fire framework between the United States and Iran raised fresh questions over... Read more US Secretary of State Marco Rubio arrived in Abu Dhabi on June 23, opening a high-stakes Gulf tour aimed at reassuring Washington’s closest Arab allies after a fragile cease-fire framework between the United States and Iran raised fresh questions over regional security and Tehran’s future ambitions.
  
  Rubio landed at Al Bateen Executive Airport before meetings with leaders in the United Arab Emirates, Kuwait, and Bahrain over the next two days, as Gulf capitals weigh the implications of a US-brokered de-escalation deal with Tehran.
  
  The visit comes at a delicate moment for the region. Although oil exports and shipping traffic through the Strait of Hormuz have begun recovering following days of disruption, tensions remain elevated. Iranian officials have accused several Gulf states of quietly facilitating US military operations during recent hostilities, while simultaneously signaling they will continue pressing for a reduced American military footprint across the region.
  
  For Gulf monarchies long wary of Iran’s regional influence, Rubio’s mission is both diplomatic and strategic: to assure allies that Washington’s security commitments remain intact, even as the contours of a potential longer-term understanding with Tehran begin to emerge.
  
  “We Want to Hear From Them”
  
  Speaking to reporters upon arrival, Rubio stressed that Washington’s immediate focus was consultation rather than persuasion.
  
  “We have long-standing relationships and partnerships with the three countries I’m visiting,” Rubio said, singling out the UAE as one of Washington’s strongest partners in recent months.
  
  “We’re really here to hear from them more than we are to talk. We want to hear their thoughts...and make sure that their views are taken into account in every decision that we make,” he told RFE/RL’s correspondent.
  
  The remarks appeared aimed at easing concerns among Gulf allies who fear the US-Iran cease-fire framework could ultimately embolden Tehran or leave unresolved critical issues such as ballistic missile programs, proxy militias, and maritime security.
  
  Rubio acknowledged that while a diplomatic “framework” now exists, it remains incomplete.
  
  “This is an issue that’s been going on for 47 years,” he said. “The idea that somehow it’s going to get solved in a day and a half -- I don’t think anyone’s been selling that.”
  
  He added that while “good groundwork” had been laid in recent days, “a lot of work remains to be done.”
  
  Pressure on Iran Over Compliance
  
  Rubio also pushed back against Iranian statements questioning commitments reportedly made during talks in Switzerland, saying Washington was clear on what Tehran had accepted.
  
  “We know what they agreed to do,” Rubio said. “Now they’ll either do it or they won’t. And if they don’t, the president will have some decisions to make.”
  
  That warning underscored lingering uncertainty around one of the most contentious aspects of the cease-fire framework: inspection and verification mechanisms.
  
  Iranian officials said June 22 that no final agreement had been reached on international inspection protocols, apparently contradicting earlier statements by US Vice President JD Vance.
  
  Rubio declined to elaborate on enforcement options but suggested compliance would determine whether diplomacy could move forward.
  
  Proxies, Missiles and Regional Flashpoints
  
  A central concern for Gulf allies remains whether Iran’s regional proxy network -- including Hezbollah and Hamas -- will be addressed under the memorandum of understanding.
  
  Rubio said these issues would inevitably become part of negotiations.
  
  “You can’t have the end of hostilities and conflicts in the region as long as Iranian proxies are launching missiles and drones from Iraq and are participating in terrorism,” he said.
  
  He argued that although some of those issues sit outside the immediate cease-fire framework, they are inseparable from any broader peace effort.
  
  Rubio also confirmed that Lebanon’s political future would be treated separately from the Iran talks, emphasizing direct US engagement with Beirut’s government.
  
  “The future of Lebanon belongs to the Lebanese people through their sovereign elected government,” he told RFE/RL.
  
  His comments came as Lebanese and Israeli officials held parallel discussions in Washington, a sign of broader regional diplomacy moving alongside the Iran track.
  
  Hormuz Security Back in Focus
  
  Rubio’s Gulf trip is also expected to focus heavily on maritime security after recent threats by Iranian hardliners to disrupt traffic through the Strait of Hormuz -- the world’s most critical oil chokepoint.
  
  Asked by RFE/RL whether the US and its allies could guarantee freedom of navigation there, Rubio framed the issue as a matter of international law.
  
  “This is an international waterway,” he said. “No country is allowed to charge tolls or fees on an international waterway. That’s existing international law, and that’s the way we expect it’ll be here.”
  
  The statement is likely to reassure Gulf producers, whose economies depend on uninterrupted shipping flows.
  
  But analysts say the broader question remains unresolved: whether the cease-fire framework can evolve into a durable regional security arrangement -- or whether it merely pauses a deeper confrontation.
  
  For now, Rubio’s Gulf tour appears designed to keep Washington’s Arab allies closely aligned as that uncertainty unfolds.
  
  Source: Oilprice.com
- 2026-06-25
  Rosneft Proposes Oil Firms to Refine 30% of Crude in Russia to Ease Fuel Crunch
  Russia should require its oil companies to refine at least 30% of their crude domestically to ease the fuel supply crunch, according to Igor Sechin, chief executive of Russia’s state-controlled firm Rosneft, which is the biggest oil producer in the country. Sechin... Read more Russia should require its oil companies to refine at least 30% of their crude domestically to ease the fuel supply crunch, according to Igor Sechin, chief executive of Russia’s state-controlled firm Rosneft, which is the biggest oil producer in the country.
  
  Sechin sent a letter to Russian President Vladimir Putin at the end of May, outlining potential measures to alleviate the fuel crisis, Russian daily Kommersant reported on Wednesday.
  
  In the letter, Sechin proposes firms to process at least 30% of their crude oil production, as well as changes to how sales work by temporarily eliminating resellers, among other measures.
  
  Putin has tasked Russian Deputy Prime Minister Alexander Novak to assess Sechin’s proposals and report to the President which of the measures could be implemented, according to Kommersant.
  
  Russia’s fuel crisis intensified in May as demand rose while refinery output slumped amid incessant Ukrainian drone strikes on Russian refineries and fuel supply routes.
  
  Ukraine has stepped up attacks on key fuel supply routes in its territories occupied by Russia, including Crimea and Mariupol. Several Russian regions have been experiencing fuel shortages since May.
  
  Russian-installed authorities in occupied Crimea have suspended fuel sales to private individuals and businesses amid a severe fuel shortage and a weak tourist season. Only government agencies can distribute fuel in the region.
  
  On federal level, Russia moved to authorize some refineries to produce gasoline and diesel with higher sulfur content and other lower environmental specifications in a bid to alleviate the fuel shortages.
  
  Early this month, Russia banned exports of jet fuel through November 30, 2026, as it looks to ensure domestic supply amid intensifying Ukrainian drone attacks on the Russian refining infrastructure.
  
  Russia is also considering a full ban on diesel exports, Alexander Novak said on Tuesday, as authorities scramble to stabilize the domestic fuel market amid refinery disruptions, rising prices, and supply shortages linked to Ukrainian attacks on energy infrastructure. Source: Oilprice.com
- 2026-06-25
  Euro Sinks To One-Year Low As Oil Price Drop Fuels ECB Rate Cut Bets
  The euro has sunk to a one-year low, with easing of tensions between the United States and Iran helping to cool oil prices and raise expectations that the European Central Bank will turn more dovish. The euro was quoted at $1.135 against the U.S. dollar... Read more The euro has sunk to a one-year low, with easing of tensions between the United States and Iran helping to cool oil prices and raise expectations that the European Central Bank will turn more dovish. The euro was quoted at $1.135 against the U.S. dollar on Wednesday, down from $1.165 before the U.S. and Iran first agreed to a conditional ceasefire on 8th April.
  
  A provisional peace agreement to restore oil flows through the Strait of Hormuz has dramatically cooled global energy markets, with Brent crude for August delivery trading at $74.76 per barrel at 8.50 am ET on Wednesday, sharply lower from ~$115/bbl in May, while the comparable WTI crude contract was changing hands at $71.02/bbl.
  
  The collapse in oil prices halts the inflationary pressures that had forced the ECB to announce a protective 25-basis-point interest rate hike earlier this month. The bank raised interest rates despite a slowing economy to combat surging inflation triggered by the oil price shock amid the Iran war.
  
  Fresh June Purchasing Managers' Index data show Eurozone business activity contracted for a third consecutive month, reflecting the economic hit from earlier high energy costs. However, the bank's primary mandate is to stabilize inflation at 2% over the medium term, forcing it to prioritize price stability even when economic growth is weak. With energy-driven inflation rapidly fading and the economy cooling, traders have now slashed the probability of a second ECB rate hike from 50% to just 20%.
  
  In contrast, a more hawkish stance at the United States’ Federal Reserve, which is signaling a “higher-for-longer” policy amid resilient consumer spending, has been driving a massive rally in the greenback. The U.S. dollar index, a metric that pits the dollar against a basket of six of the world’s leading currencies, has climbed to 101.45, ~4% higher from a year ago with the divergence between the Fed and ECB policies prompting investors to pull capital out of Europe and pile into the US dollar. Source: Oilprice.com
- 2026-06-25
  VLCC Earnings Near $470,000 a Day as Hormuz Hopes Drive Tanker Frenzy
  Oil tanker rates have soared since the U.S. and Iran announced the memorandum of understanding as oil importers scramble to charter vessels to pick up Persian Gulf cargoes in the hope these can transit the tentatively reopening Strait of Hormuz. One... Read more Oil tanker rates have soared since the U.S. and Iran announced the memorandum of understanding as oil importers scramble to charter vessels to pick up Persian Gulf cargoes in the hope these can transit the tentatively reopening Strait of Hormuz.
  
  One tanker has been provisionally booked to ship crude from the Persian Gulf to India at a rate that’s nine times the benchmark for the route, shipbrokers told Bloomberg on Wednesday.
  
  South Korea’s Sinokor shipping group, which before the war went on a buying and chartering spree to control about 120 very large crude carriers (VLCCs), will provide one of these supertankers for the shipment of a cargo of up to 2 million barrels from the Persian Gulf to India. The rate at which the tanker has been provisionally booked is 897% of the MEG-India benchmark route, or nine times higher than the normal freight cost, shipbrokers told Bloomberg.
  
  Tanker rates have surged since last week as the industry is preparing for a return of supply from the Middle East.
  
  According to Reuters, the cost of hiring a tanker in the Gulf has nearly doubled in just a week, jumping from around $106,000 per day to more than $190,000 per day. For some VLCCs hauling cargoes through the Strait of Hormuz, daily earnings have surged to nearly $470,000—a level that would have seemed absurd before the war began.
  
  The spike in rates for the Middle East Gulf (MEG) routes have also pushed up spot freight rates in other regions as the competition for who will line up most of their tankers outside Hormuz first is intensifying.
  
  Some of the biggest state-owned refiners in China and India have failed to procure supertankers to load crude from the Persian Gulf later this month as tanker rates are too high and guarantees on safe passage through the Strait of Hormuz lacking.
  
  “There are tankers available, but the problem is it's too expensive and there is no guarantee you can exit the strait,” an executive at PetroChina told Reuters last week. Source: Oilprice.com

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