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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
730.50
-7.00
666.00
+6.00
Oct 6
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	730.50	-7.00	666.00	+6.00	Oct 6

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
449.78	+2.95	521.62	+2.79	772.32	+1.58	Oct 7

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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	403	425	-22	442	477	-35	666	671	-5	Oct 7
Singapore	407	420	-13	480	514	-34	675	664	+11	Oct 7
Fujairah	400	394	+6	484	503	-19	727	727	0	Oct 7
Houston	420	403	+17	468	462	+6	664	662	+2	Oct 7

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Latest News
- 2025-10-07
  Molgas acquires Titan Clean Fuels
  Spain’s Molgas Energy Group (Molgas), backed by infrastructure investor InfraVia, has today (7 October) announced it has finalised the full acquisition of Titan Energy Holding, the parent company of Titan Clean Fuels (Titan). The transaction comes... Read more
- 2025-10-07
  Repsol bolsters bunker tanker capacity at Port of Callao
  Repsol has announced that the 20,000 DWT Thomas B bunker tanker has been deployed to the Port of Callao, thereby more than doubling the company’s operational capacity in Peru. The Thomas B joins the 16,000 DWT Adrian tanker already in service at the... Read more
- 2025-10-07
  Oil extends gains on smaller-than-expected OPEC+ output hike
  Oil prices extended gains on Tuesday as a smaller-than-expected November output hike by OPEC+ helped to ease some fears of a growing supply glut. Brent crude futures advanced 23 cents, or 0.35%, to $65.70 a barrel by 0356 GMT. U.S. West Texas Intermediate... Read more Oil prices extended gains on Tuesday as a smaller-than-expected November output hike by OPEC+ helped to ease some fears of a growing supply glut.
  
  Brent crude futures advanced 23 cents, or 0.35%, to $65.70 a barrel by 0356 GMT. U.S. West Texas Intermediate crude climbed 21 cents, or 0.34%, to $61.90.
  
  Both contracts settled more than 1% higher in the previous session after the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers - known as OPEC+ - decided to increase its collective oil production by 137,000 barrels per day starting in November.
  
  The move was in contrast to market expectations for a more aggressive reintroduction of supply, a sign that the group remains cautious about increasing its production share in the global oil market amid predictions of a supply surplus in the fourth quarter as well as next year, said ING analysts.
  
  "Brent had fallen by around $5 per barrel last week in response to earlier expectations of a larger supply boost, so this mild rebound seems reasonable," said Anh Pham, a senior analyst at LSEG.
  
  "For now, the market still appears capable of accommodating the extra volume, and we have yet to see a shift into contango at the front of the curve," he added.
  
  OPEC+ has increased its oil output targets by more than 2.7 million bpd this year, equating to about 2.5% of global demand.
  
  Russia’s Kirishi oil refinery halted its most productive distillation unit, CDU-6, following a drone attack and subsequent fire on October 4, with its recovery likely to take about a month, two industry sources said on Monday.
  
  Still, oil prices have come under pressure amid output increases from both OPEC+ and non-OPEC+ producers. Moreover, any slowdown in demand due to weak economic growth triggered by U.S. trade tariffs is likely to exacerbate the surplus, analysts said.
  
  Source: Investing.com/ Reuters
- 2025-10-07
  Middle East Oil Producers Follow Saudi Pricing Lead
  Saudi Arabia left the official selling price of its crude oil selling in Asia in November unchanged from the October prices as OPEC+ continues to lift production amid a market concerned about an imminent oversupply. Saudi Aramco, the Kingdom’s oil... Read more Saudi Arabia left the official selling price of its crude oil selling in Asia in November unchanged from the October prices as OPEC+ continues to lift production amid a market concerned about an imminent oversupply.
  
  Saudi Aramco, the Kingdom’s oil giant and the world’s single largest crude exporter, set the official selling price (OSP) of its flagship Arab Light grade at a premium of $2.20 per barrel over the Dubai/Oman benchmark, according to the price list shared by Amena Bakr, Head of Middle East Energy & OPEC+ Insights at Kpler.
  
  The unchanged price for next month wasn’t expected by Asian refiners that forecast last week that Saudi Arabia would raise, albeit slightly, the price of its flagship crude grade loading for Asia in November, to reflect stronger Middle Eastern oil benchmarks.
  
  The world’s top crude exporter will be tempted to increase its prices amid stronger international benchmarks in recent weeks, but it would also be careful not to hike the price too much amid ongoing discussions about the 2026 term supplies with customers, refining sources told Reuters in a survey last week.
  
  Saudi Arabia, however, held the Arab Light price unchanged and lowered slightly the prices of Arab Medium and Arab Heavy for Asia after OPEC+ announced on Sunday another slight increase in production levels for November, 137,000 barrels per day (bpd).
  
  The prices for all grades to all other regions were lowered by between $0.50 and $1.20 per barrel compared to the regional benchmarks as the Saudis, like OPEC+, remain cautious going into the season of lower demand.
  
  Analysts expect oversupply to form on the market later this quarter and in early 2026. In uncertain demand conditions, Saudi Arabia appears to prefer to keep prices steady and continue gaining market share.
  
  Saudi Arabia typically announces around the fifth of each month its crude pricing for the following month and doesn’t comment on price changes. It also sets the tone for the pricing of the other major oil producers in the Middle East to Asia. Source: Oilprice.com
- 2025-10-07
  India Benefits as Russian Oil Floods Market
  More crude oil from Russia has become available for Indian refiners as Ukrainian drone attacks have reduced the Russian refining capacity, an Indian government official Reuters on Monday. Since the Russian invasion of Ukraine, India has relied on the... Read more More crude oil from Russia has become available for Indian refiners as Ukrainian drone attacks have reduced the Russian refining capacity, an Indian government official Reuters on Monday.
  
  Since the Russian invasion of Ukraine, India has relied on the discounted Russian crude banned in the West to reduce its crude import bill. Indian refiners have significantly increased their purchases of Russian crude, making India the second-largest buyer of Russia’s oil, behind only China.
  
  However, the Trump Administration, facing difficult trade negotiations with India and the dragging war in Ukraine, has singled out India as a culprit for buying Russian oil.
  
  Indian officials have repeatedly said the country would continue to buy the cheap Russian oil. Officials are now reportedly telling Trump Administration officials that India could cut crude imports from Russia if the U.S. were to allow flows from Iran and Venezuela.
  
  India’s crude oil imports from Russia are estimated to have dropped by about 100,000 barrels per day (bpd) in September compared to August as Indian refiners expand crude sources amid ongoing U.S.-India trade talks and U.S. pressure on the world’s third-largest crude importer to stop importing Russian oil and prop up the Kremlin’s energy revenues.
  
  While Indian crude oil imports from Russia slipped last month, they still accounted for about a third of all crude arrivals in the country. Refiners continue to buy the cheaper Russian crude, for economic reasons, India’s top officials say. But some refiners have started to diversify the risk by taking barrels from other sources, including the U.S., Brazil, and West Africa.
  
  “Russian barrels remain central to India’s crude slate, but volumes are stabilizing at a lower plateau,” Sumit Ritolia, a lead analyst at Kpler, told Bloomberg last week.
  
  Meanwhile, Russian President Vladimir Putin said on Friday that amid rising global energy demand, oil prices could jump above $100 per barrel if Russia’s oil is pushed out of the market.
  
  Source: Oilprice.com
- 2025-10-07
  Iran Boosts Natural Gas Reserves with New Discovery
  Iran claims a new natural gas discovery would add an estimated 10 trillion cubic feet to its gas reserves and could help offset an expected energy imbalance. Iran has discovered significant gas and oil reserves at the Pazan field in the southern part... Read more Iran claims a new natural gas discovery would add an estimated 10 trillion cubic feet to its gas reserves and could help offset an expected energy imbalance.
  
  Iran has discovered significant gas and oil reserves at the Pazan field in the southern part of the Fars province, Iranian Oil Minister Mohsen Paknejad said on Monday.
  
  “Exploration efforts in the Pazan field, in southern Fars Province and extending toward northern Bushehr, have led to this important discovery,” Shana, the news service of Iran’s oil ministry, quoted the minister as saying.
  
  Exploration has resumed at the site after an eight-year hiatus, leading to this significant achievement, Paknejad was quoted as saying.
  
  “To put this in perspective, the Pazan field’s new 10 trillion cubic feet of gas—assuming a 70 percent recovery factor—could yield about 7 trillion cubic feet, equivalent to 7,000 days of production from one phase of the South Pars gas field. That’s roughly 17 to 18 years of output from a single South Pars phase—an impressive figure,” the minister said.
  
  A development contract has been awarded, with development operations expected to begin soon. The Pazan field is expected to start production within 40 months, or 3 years and 4 months, according to Shana.
  
  Iran’s biggest operating gas field is South Pars, the world’s largest natural gas discovery, which Iran shares with Qatar in the Persian Gulf.
  
  Earlier this year, Iran said it is boosting natural gas production from Phase 11 of the giant South Pars field after bringing online a key new well.
  
  The eighth well at South Pars 11 – the 11th phase of development at the field- will raise output from South Pars by 3 million cubic meters per day (mcm/d).
  
  Thus, the total natural gas output at the giant South Pars field has reached 20 mcm/d.
  
  Iran has had to develop Phase 11 of South Pars, relying on domestic companies and technologies, after French oil and gas major TotalEnergies quit business with Iran in 2018 after the U.S. re-imposed sanctions on Iran’s oil industry and exports. Source: Oilprice.com
- 2025-10-07
  Key Russian Refinery Unit Halted After Strike, Tightening European Fuel Supply
  In a new operational blow to Russia’s refining capacity, the Kirishi complex has reportedly shut down its CDU-6 crude distillation unit, the largest processing block at the plant, following damage from a Ukrainian drone strike. According to Reuters,... Read more In a new operational blow to Russia’s refining capacity, the Kirishi complex has reportedly shut down its CDU-6 crude distillation unit, the largest processing block at the plant, following damage from a Ukrainian drone strike.
  
  According to Reuters, the refinery’s core capacity is now offline, though this has not been confirmed officially by Moscow.
  
  The CDU-6 unit historically accounts for most of Kirishi’s processing output, and its halt means a significant drop in daily refined product volumes. Two industry sources cited in the Reuters report estimate the shutdown could last approximately one month.
  
  While exact daily loss estimates remain unconfirmed, the halt could take up to 160,000 barrels per day off the market for a month, considering that Kirishi’s total crude-processing capacity is around 360,000 bpd, with CDU-6 handling approximately half of that capacity.
  
  That shutdown comes as Russia signals plans to raise output by 137,000 bpd at the upcoming OPEC+ virtual meeting to stabilize prices later this month. The Kirishi cut now undermines that buffer, constraining flexibility in an already volatile market.
  
  European fuel markets are also paying close attention here. The shutdown tightens supplies of diesel and middle distillates, which are already under pressure from sanctions, logistical bottlenecks, and other disruptions. Even if other Kirishi units or nearby refineries partially offset the loss, refiners will face a steeper margin squeeze.
  
  Meanwhile, Ukraine claimed responsibility for a separate strike overnight on the Feodosia oil terminal in Crimea, a key transshipment hub distinct from Kirishi that serves as a rail-sea fuel interchange for Russian military logistics. Kyiv’s defense forces said the terminal’s storage infrastructure sustained “significant damage.”
  
  President Vladimir Putin recently warned that removing Russian crude or curbing its refined output could push prices “well above $100 per barrel”.
  
  Surgutneftegaz, owner of the KINEF-Kirishi complex, has not yet issued a statement confirming the scope of the outage or estimated repair timeline. Market observers are tracking product flows and satellite imagery for signs of disruption as refiners and trading desks reassess exposure to Russia’s shrinking refining network.
  
  Source: Oilprice.com
- 2025-10-07
  High Interest Rates Could Turn Next Oil Glut Into a Crisis
  Bloomberg’s Javier Blas warned on Monday that the next oil glut will be harder and costlier to finance than any in recent memory, describing a “cartoonish” surplus forming as new barrels from Guyana, Brazil, the United States and the Middle East converge... Read more Bloomberg’s Javier Blas warned on Monday that the next oil glut will be harder and costlier to finance than any in recent memory, describing a “cartoonish” surplus forming as new barrels from Guyana, Brazil, the United States and the Middle East converge with slower demand growth and sharply higher borrowing costs.
  
  In a column for EnergyNow, Blas argues that the most dangerous element of the coming oversupply is not the scale of production but the price of money.
  
  In previous downturns, cheap credit allowed traders to hold crude in storage and profit from contango, Blas says. Now, with financing rates above 6%, the cost of carrying inventories could erase margins entirely. That shift, Blas says, may cripple smaller refiners and traders reliant on short-term loans, leaving state-backed producers such as Saudi Aramco, ADNOC and Petrobras in a stronger position to weather prolonged weakness. The result could be a market overflowing with oil but thin on liquidity.
  
  Standard Chartered’s latest analysis provides a counterweight. The bank believes Iraq’s compensation cuts of 130,000 barrels per day through January 2026, easing to 122,000 bpd by mid-year will offset most of OPEC+’s 137,000-bpd October production increase. Kazakhstan’s back-loaded schedule, rising from 35,000 bpd in December to 650,000 bpd by June 2026, adds further flexibility. Together, those adjustments could neutralize the group’s output growth and steady prices, according to the bank’s latest review.
  
  Additional data from FGE show the United States remains the swing factor in the global balance. National output reached 13.58 million barrels per day in June, a new record, with growth concentrated among major producers even as smaller independents retrench. FGE projects U.S. production peaking near 14.34 million bpd by March 2026, while global output rises to 110.4 million bpd.
  
  The oil bulls and bears are facing off aggressively now, with Standard Chartered and FGE emphasizing a disciplined OPEC+ policy and U.S. growth stabilizers to make the bull case, while Blas is warning of a financing shock that could choke storage and trade. Goldman Sachs aligns with Blas, predicting that oil markets could be oversupplied by 1.9 million bpd in 2026. In the meantime, more and more Wall Street punters are of the same mind, predicting oil in the $50 range next year.
  
  Against this backdrop, OPEC+’s Sunday announcement of a modest output hike plays to the bull’s idea of a disciplined cartel, with oil prices reversing earlier losses. By 2:24 p.m. ET, Brent crude was trading at $65.46, up 1.44%, and WTI trading at $61.69, up 1.33%. Source: Oilprice.com
- 2025-10-07
  The Dangote Refinery Strike Cost Nigeria 600,000 Barrels of Oil Output
  A three-day national strike prompted by layoffs at the Dangote refinery has led to production losses of 600,000 barrels, the chief executive of the Nigerian National Petroleum Company has said. “I think it was unfortunate that the Dangote and PENGASSAN... Read more A three-day national strike prompted by layoffs at the Dangote refinery has led to production losses of 600,000 barrels, the chief executive of the Nigerian National Petroleum Company has said.
  
  “I think it was unfortunate that the Dangote and PENGASSAN issue led to strike and whenever there is strike and critical staff manning critical facilities are not available and optimum production is almost impossible. In this particular case, we actually lost significant production of over 200,000 bpd that was deferred,” Bayo Ojulari told media.
  
  The main Nigerian oil union launched a nationwide strike last month after the Dangote refinery fired as many as 800 workers. The strike lasted for three days, threatening to reduce fuel supply in the country relying on the new processing facility and in several neighboring countries, which import fuels from Dangote.
  
  The Nigerian oil workers’ union, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), said that the Dangote refinery, owned by Africa’s richest man Aliko Dangote, has fired the workers for unionizing. The Dangote management, for its part, said that the dismissals were part of staff restructuring and those dismissed engaged in “acts of sabotage”.
  
  The strike came at a time when Nigeria’s oil industry is staging a recovery, with oil production on the rise and investments climbing. Production as of September—before the strike—averaged between 1.7 million barrels daily and 1.83 million barrels daily, with active rigs rising from 31 at the start of the year to 50 by July, according to a report from the oil ministry.
  
  According to NNPC’s Ojulari, the September average was 1.68 million barrels, which was an increase from August. In natural gas, Nigeria produced 7 billion cubic feet daily last month, the top executive also told media, adding that by the end of the year, oil production should rebound to 1.8 million barrels daily.
  
  Source: Oilprice.com
- 2025-10-06
  Oil rises after OPEC+ hikes output less than expected
  Oil prices rose by about 1% on Monday after OPEC+’s planned production increase for November was more modest than expected, tempering some concerns about supply additions, though a soft outlook for demand is likely to cap near-term gains. Brent crude... Read more Oil prices rose by about 1% on Monday after OPEC+’s planned production increase for November was more modest than expected, tempering some concerns about supply additions, though a soft outlook for demand is likely to cap near-term gains.
  Brent crude futures climbed 71 cents, or 1.1%, to $65.24 a barrel by 1316 GMT, while U.S. West Texas Intermediate crude was at $61.47, up 59 cents, or 1%.
  "The market was expecting a somewhat larger increase from OPEC+ as shown in the structure last week," said Janiv Shah, an analyst at Rystad.
  "However the modest 137,000 bpd bloats the already-oversupplied balance for the fourth quarter of 2025 and 2026."
  On Sunday, the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers said it would raise production from November by 137,000 barrels per day (bpd), matching October’s figure, amid persistent concern over a looming supply glut.
  In the run-up to the meeting, sources said although Russia was advocating for an increase of 137,000 bpd to avoid pressuring prices, Saudi Arabia would have preferred double, triple or even four times that to quickly regain market share.
  The modest production update also comes at a time of rising Venezuelan exports, the resumption of Kurdish oil flows via Turkey, and the presence of unsold Middle Eastern barrels for November loading, PVM Oil Associates analyst Tamas Varga said.
  Saudi Arabia kept unchanged the official selling price for the Arab Light crude it sells to Asia.
  
  While refining sources in Asia surveyed by Reuters had expected a slight increase, those expectations diminished as concerns about rising Middle Eastern crude supply felled the premium to a 22-month low last week. [CRU/M]
  Despite the U.S. pressuring India to cut its purchases of Russian oil, an Indian government official told Reuters on Monday that attacks on Russian energy and refinery facilities have led to increased availability of Russian oil, helping in part to support the oil market.
  In the near term, some analysts expect the refinery maintenance season starting soon in the Middle East to also help cap prices. [REF/OUT]
  Expectations of weak demand fundamentals in the fourth quarter are another factor
  U.S. crude oil, gasoline and distillate inventories rose more than expected in the week ended September 26 as refining activity and demand softened, the Energy Information Administration said last week.
  "If we see a steadier rise in production then the downside in oil prices may be contained. Much now depends on whether the U.S. economy can reaccelerate over the rest of 2025 and into 2026, which would help demand immensely," said Chris Beauchamp, chief market analyst at IG Group. Source: Reuters/Investing.com

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