CFR India Group III Base Oils Jump $40/mt

Asia and Middle East Weekly Group III Base Oils Commentary / CFR India prices rise $40/mt on tight supply / Strait of Hormuz disruption constrains April-May supply balances

Jun 02, 2026

The Group III base oil spot market remained subdued in the week to March 25, with supply disruptions intensifying across both Middle Eastern and Asian origins. The attack on Shell’s GTL facility has caused significant supply disruptions, compounding an already strained market following the precautionary shutdown of ADNOC’s Ruwais refineries after a fire at the Ruwaisindustrial complex March 10. The Pearl GTL plant is expected to require at least one year for recovery and restart, removing a substantial volume of Group III supply from the market for the foreseeable future. Amid disruptions in the Strait of Hormuz, shipments from Middle Eastern producers to the rest of Asia, as well as intra-Gulf movements, continued to be disrupted. Asian producers remained absent from the spot market, with no offers or bulk movements...

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