Base oils and waxes
Overview
As the world pivots towards decarbonisation, challenges and opportunities loom for base oils production and demand. Staying on top of this market is more important than ever to realise these opportunities and mitigate pricing risk.
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Latest base oils and waxes news
Browse the latest market moving news on the global base oils and waxes market.
Qatar stops LNG output after drone attacks: Update
Qatar stops LNG output after drone attacks: Update
Adds details on Shell's Pearl GTL plant in final paragraph Dubai, 2 March (Argus) — Qatar's state-owned QatarEnergy (QE) has halted production of LNG and associated products following drone attacks on operating facilities in Ras Laffan and Mesaieed Industrial City, the company said today. QE said this is a precautionary measure and it would provide updates as more information becomes available. A sustained outage at Ras Laffan would have significant implications for global gas markets. Qatar is one of the world's largest LNG exporters, supplying key term volumes to buyers in Asia-Pacific and Europe. Any prolonged disruption could tighten prompt supply availability, particularly if vessel movements through the strait of Hormuz remain constrained. Shiptracking data from Vortexa show three LNG carriers were berthed at Ras Laffan earlier today. Qatar has continued LNG loadings since the onset of the regional conflict on 28 February, although no LNG carriers have transited the strait of Hormuz since then. It is unclear what specific asset was hit in Ras Laffan. The industrial complex hosts Qatar's 77mn t/yr LNG export terminal, the world's largest. QE also operates LPG, ethane, sulphur and NGL production units at the site. Qatar's defence ministry today said drones launched from Iran targeted "an energy facility" in the Ras Laffan Industrial City and a water tank at a power plant in Mesaieed. No casualties were reported, according to the ministry. It is unclear what effect if any the attacks and shutdown have had on Shell's 1.1mn t/yr Pearl gas-to-liquid (GTL) plant at Ras Laffan. The plant, developed in partnership with QE, is dependent on natural gas as a feedstock for its Group III base oils output. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iranian strikes could curb Group III supplies to EU, US
Iranian strikes could curb Group III supplies to EU, US
London, 2 March (Argus) — Iranian missile strikes in the Middle East could further disrupt Group III shipments to the US and Europe, constraining supply and supporting prices further as seasonal demand picks up. Mideast Gulf oil producers — including Group III base oil producing nations of Qatar, UAE and Bahrain — have been hit by missile and drones from Iran for the past three days, after the US–Iran conflict escalated. Europe and the US are net importers of Group III base oils and shipments from these countries made up 31pc and 47pc of total imports respectively in 2025, Global Trade Tracker and US Energy Information Administration data show. Several marine insurers have cancelled their war risk coverage in the Mideast Gulf and Gulf of Oman following the attacks, taking effect on 5 March. Danish shipping firm Maersk redirected some upcoming ships away from the Suez Canal route on 27 February. And announced it would maintain Cape of Good Hope routings for its Asia-Europe services. Shipment and logistic disruptions have supported Group III 4cst spot prices in the US and Europe since mid-January. Argus -assessed spot prices rose since then have risen by $22/t and $70/t to $1,071/t and $1,486.50/t respectively on 27 February. Shipment delays occurred throughout 2025 as vessels diverted via the Cape of Good Hope over the Suez Canal as a result of Yemen's Houthis attacks in the Red Sea. This added an estimated 11 days of extra transit time to the US and Europe, but shipments through Suez looked to resume as attacks were paused. If vessels are delayed again, this will support spot prices as it will affect availability at a time when demand rises seasonally. The spring oil-change season, ahead of the summer driving season, typically begins in March in the US and Europe. This also comes as icy and adverse weather conditions are constraining shipments from Finland's Neste 250,000 t/yr Group III base oil unit, with weight and vessel restrictions currently in place. By Gabriella Twining Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Eurozone manufacturing expands in February
Eurozone manufacturing expands in February
Edinburgh, 2 March (Argus) — Eurozone manufacturing expanded in February for the first time since August last year, supported by a rise in new orders, but inflationary pressures — including higher energy costs — persist. The HCOB eurozone manufacturing purchasing managers' index (PMI) rose to a 44-month high of 50.8 in February from 49.5 in January. The underlying data were collected between 9-20 February. A reading above 50 signals expansion. Germany, the eurozone's largest economy, recorded its sharpest improvement in factory operating conditions in nearly four years and returned to growth. But France experienced a slowdown. "We are not talking about a boom, but a moderate recovery coming from a low activity level amid persisting structural challenges like high energy prices, intense competition from China and US tariffs, among other things," HCOB said. Oil prices climbed today on rising concerns over supply disruptions as the US-Israel conflict with Iran enters its third day. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India’s base oil imports rise by 11pc in 2025
India’s base oil imports rise by 11pc in 2025
Singapore, 25 February (Argus) — India remained the world's largest base oil importer in 2025, with imports exceeding 3mn t, an 11pc increase from the previous year, government data show. South Korea remained India's top supplier, accounting for more than one-third of total imported volumes. Imports from South Korea rose by 15pc on the year. Imports from Singapore rose by 7pc. Singapore produces Group I and II base oils, and added more Group II supply with the start-up of ExxonMobil's Group II unit in the third quarter of 2025. Shipments from Malaysia almost doubled, following increased marketing efforts from the Malaysian refiner. The refiner typically exports Group II N70 and Group III grades to India, with exports of N70 rising more because of firm demand. Imports from Turkey also rose significantly. These volumes are likely re-exported Group I supplies from other producers, reflecting high inventory levels in Turkey because of muted finished lubricant demand. The rise in India's base oil imports underlines robust domestic demand, supported by strong gross domestic product (GDP) growth. India's real GDP is estimated to grow by 7.4pc in fiscal year 2025-26. Domestic lubricant and grease consumption increased by 9.4pc in 2025 to 4.83mn t, up from 4.42mn t in 2024, oil ministry data show. By Chng Li Li India base oils imports (t) Dec'25 m-o-m ± % y-o-y ± % Jan-Dec'25 y-o-y ± % South Korea 111,850 -9.6 34.8 1,322,161 14.9 Singapore 32,667 50.7 -21.6 428,397 7.2 UAE 26,875 76.3 56.3 237,970 -10.9 Saudi Arabia 7,935 -32.8 -69.2 189,119 -24.8 US 1,516 -84.5 20.2 140,877 19.2 Taiwan 11,411 -7.1 -19.8 138,980 19.9 Spain 13,340 N.A. N.A. 91,516 -9 Qatar 16,736 150.7 976.3 84,748 -3.2 Turkey 20,461 267.1 N.A. 67,693 331.4 Malaysia 3,628 34.0 -53.5 56,487 94.6 Monthly total 269,843 9.8 33.8 3,004,408 10.7 Source: Department of Commerce Total includes all countries, not just those listed Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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