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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
954.00
-62.00
1 210.00
-10.00
May 12
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	954.00	-62.00	1 210.00	-10.00	May 12

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
775.20	+5.12	939.81	+3.06	1 406.48	-3.65	May 15

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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	689	737	-48	783	819	-36	1 210	1 288	-78	May 15
Singapore	685	765	-80	835	909	-74	1 215	1 281	-66	May 15
Fujairah	680	711	-31	890	880	+10	1 520	1 344	+176	May 15
Houston	657	746	-89	845	875	-30	1 228	1 243	-15	May 15

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Latest News
- 2026-05-15
  Oil rises more than 1% after Trump flags China’s interest in US supplies
  Oil prices gained more than 1% after President Donald Trump said China wants to buy oil from the United States and as concerns persisted over ship attacks and seizures despite Iran saying about 30 vessels had passed through the Strait of Hormuz. Brent... Read more Oil prices gained more than 1% after President Donald Trump said China wants to buy oil from the United States and as concerns persisted over ship attacks and seizures despite Iran saying about 30 vessels had passed through the Strait of Hormuz.
  Brent crude oil futures rose $1.17, or 1.11%, to $106.89 a barrel by 0252 GMT, while U.S. West Texas Intermediate futures were up $1.10, or 1.09%, to $102.27.
  Trump also said in an interview with Fox News he would not be much more patient with Iran as he urged Tehran to reach a deal with Washington.
  A ship was reported seized by Iranian personnel off the United Arab Emirates and headed for Iranian waters on Thursday, while the White House said U.S. President Donald Trump and Chinese President Xi Jinping had agreed on the need to keep the nearby Strait of Hormuz shipping lane open.
  Also, an Indian cargo vessel carrying livestock from Africa to the United Arab Emirates was sunk on Wednesday in waters off the coast of Oman.
  Iran’s Revolutionary Guards said 30 vessels had crossed the Strait of Hormuz since Wednesday evening, still far short of 140 that were typical daily before the war, but a substantial increase if confirmed.
  Yang An, analyst at Haitong Futures, said the main driver of oil prices was still tight supply.
  "Oil prices swung several times yesterday but still closed near the day’s high," he said.
  
  "Ships passing through the strait eased some market concerns, but not enough to change the strong trend driven by tight supply."
  Trump and China’s Xi Jinping are set to meet on Friday to wrap up a two-day state visit that has featured pomp and business deals.
  U.S. Trade Representative Jamieson Greer said on Friday morning that China was being very pragmatic about involvement with Iran, and it was important to China to have the Strait of Hormuz open, in an interview with Bloomberg. Source: Reuters/Investing.com
- 2026-05-15
  India’s Oil Crisis Deepens as Hormuz Remains Shut
  India’s economic pains are intensifying every day that the Strait of Hormuz remains closed. Two and a half months after the Middle East conflict began, one of the highest-performing emerging markets in recent years and the world’s third-largest crude... Read more India’s economic pains are intensifying every day that the Strait of Hormuz remains closed.
  
  Two and a half months after the Middle East conflict began, one of the highest-performing emerging markets in recent years and the world’s third-largest crude oil importer is scrambling to contain the oil shock that is spreading to consumer prices, foreign exchange reserves, and economic growth.
  
  Since the war began and cut off over 40% of India’s crude oil flows, those that passed through the Strait of Hormuz, one of the highest-flying economies in Asia has seen its oil import bill soar, investors fleeing the capital market, and the local currency plunging to an all-time low against the U.S. dollar.
  
  Analysts have started to raise inflation estimates and reduce forecasts of this year’s economic growth in India, which is beginning to feel the oil supply shock well beyond the actual disruption of deliveries of oil, LNG, and liquefied petroleum gas (LPG), the primary cooking fuel in the world’s most populous country.
  
  Fuel Crunch
  
  While India still has enough supply and reserves of all these fuels for dozens of days, authorities are urging conservation to reduce consumption and the resulting strain on public finances and foreign exchange reserves and rates.
  
  India’s Prime Minister Narendra Modi this weekend urged Indians to curb gasoline and diesel consumption, use public transportation where possible, and car pool as much as possible.
  
  “Measures such these will help the nation conserve energy, save on the energy import bill and overcome the challenges arising out of the serious military conflict involving many energy producing nations,” Oil Minister Hardeep Singh Puri said.
  
  Some LPG tankers have passed through the Strait of Hormuz since the war began, including one that exited the chokepoint for the first time since the U.S. blockade was placed mid-April.
  
  Meanwhile, India is paying higher prices for LPG imports from elsewhere, as well as higher prices for crude oil that doesn’t need to pass through the Strait of Hormuz, pressuring the current account and foreign reserves.
  
  The government, while urging fuel conservation, is avoiding any panic rhetoric. Puri, the oil minister, earlier this week said that India doesn’t have a supply issue and it has 69 days’ worth of crude oil stocks and 45 days of LPG supply.
  
  To address the collapse of LPG supply from the Middle East, India has asked state refiners to maximize the output of the cooking fuel, and redirected LPG supply from industrial users to household consumers.
  
  To shield consumers from high gasoline and diesel prices, India has kept prices at the pump much lower and has cut taxes on gasoline and diesel.
  
  Economic Pain
  
  But this policy is hitting local oil marketing companies (OMCs).
  
  “Our energy sector is absorbing the brunt of the impact,” Puri said.
  
  “OMCs are buying crude, gas and LPG at higher cost, but in order to protect consumers, they are selling final products at lower cost leading to massive mounting losses of up to ?1,000 crore per day. However, the OMCs have ensured uninterrupted energy imports and supply,” he added.
  
  This policy may not be sustainable for much longer, and eventually retail fuel prices would have risen if the supply shock from the Middle East persists, analysts say.
  
  “I am assuming that sometime in Q2, rather sooner than later, they will have to hike retail fuel prices because neither the fiscal buffers nor (the) buffers with the OMCs (oil marketing companies) are enough to withstand a prolonged shock,” Dhiraj Nim, an economist at ANZ bank, told Reuters last week.
  
  The energy sector is not the only one suffering from the war-induced oil shock. India’s currency, the rupee, hit a new all-time low against the dollar on Wednesday amid high oil prices and importer demand for hedging.
  
  PM Modi’s call on Indians this weekend also included urging citizens to reduce foreign travel and gold purchases to help conserve foreign currency reserves, which India is splashing for increasingly costly imports because of the higher oil prices.
  
  Due to the higher oil prices, India’s annual inflation accelerated in April from March, although it was below projections. But analysts warn further acceleration is in the cards in the coming months if the Middle East crisis drags on.
  
  If the Strait of Hormuz remains closed for more months, India’s central bank may have to intervene with monetary policy and India may have to eventually raise gasoline and diesel prices, Reserve Bank of India (RBI) Governor Sanjay Malhotra said this week.
  
  Moreover, a massive withdrawal of foreign investors from the local capital markets is also weighing on forex reserves. Foreign investors pulled more than $20 billion out of Indian equities in the first four months of 2026, government data showed this week. These outflows have already topped last year’s record annual withdrawals, as investors have become averse to India and other emerging markets amid the Iran war.
  
  The oil shock that the war has created will weigh on India’s economic growth in the current fiscal year to March 2027. BMI, part of Fitch, expects India’s GDP growth to slow to 6.7% in the 2026/2027 fiscal year, down from 7.7% in 2025/2026, largely due to the oil price shock. Source: Oilprice.com
- 2026-05-15
  Chinese Tankers Resume Hormuz Transit Under Iran Coordination
  During President Trump's ongoing state visit to China, he and President Xi Jinping agreed that the ‌Strait of ‌Hormuz must be open for ‌the free flow of energy. They along with their senior officials have expressed agreement that no country can be allowed... Read more During President Trump's ongoing state visit to China, he and President Xi Jinping agreed that the ‌Strait of ‌Hormuz must be open for ‌the free flow of energy. They along with their senior officials have expressed agreement that no country can be allowed to exact shipping tolls in the Strait of Hormuz.
  
  Following this, Thursday saw Iranian state media proclaim that some 30 Chinese vessels are being allowed safe passage by Iran. Bloomberg also reports, "The vessels were allowed to pass the Strait of Hormuz with the coordination of the Iranian authorities and Islamic Revolutionary Guard Corps’ navy, state TV reports, citing an IRGC naval official." While it's as yet unknown or unclear whether the US Navy side of the de facto blockade will also let them pass, Reuters has also reported the following:
  
  Iran ‌has begun allowing some Chinese vessels to transit through the Strait of Hormuz following an understanding over Iranian management protocols for the waterway, the semi-official Fars news agency said on Thursday, citing an informed source.
  
  In particular the move also follows formal requests by China's foreign minister as well as Beijing's ambassador to Iran, with Tehran reportedly agreeing based on safeguarding the two allies' strategic partnership.
  
  Bloomberg cited the IRGC official as saying of the Iranian protocol for passage, "A new era in the Strait of Hormuz has started as many countries of the world and fleets have accepted that the best, quickest and simplest way for transiting this very important waterway is only though coordination with the IRGC’s naval forces."
  
  This was after Wednesday saw the key milestone of a Chinese supertanker carrying 2 million barrels of Iraqi crude having successfully passed through the Strait of Hormuz, after previously being stranded for more than two months.
  
  Also of note is that the Chinese Cosco Shipping tanker did not have to pay tolls. According to The Wall Street Journal:
  
  Lloyd’s List Intelligence data show the Yuan Hua Hu crossed the waterway through the corridor in the north controlled by the Islamic Revolutionary Guard Corps.
  
  Ship trackers said the vessel switched off its transponder while sailing from an anchorage in Dubai towards Larak, then came back online for a couple of hours before going dark again. Ships crossing through Larak pay an average of $2 million each, according to brokers.
  
  The Yuan Hua Hu is the third Chinese state-owned tanker to leave the Gulf since the start of the war.
  
  State Department spokesperson Tommy Pigott emphasized earlier this week that Washington and Beijing "agreed that no country or organization can be allowed to charge tolls to pass through international waterways like the Strait of Hormuz."
  
  China imports the bulk of its energy from the Middle East, and while it has amassed substantial crude oil stockpiles that are helping it weather the worst of the crisis - anecdotally over 1.4 billion barrels - restoring normal flows from the Persian Gulf is important for one of the world’s top energy importers. Source: Oilprice.com
- 2026-05-15
  MABUX: Global bunker market to resume irregular fluctuations on May 15.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — showed downward correction on May 14: 380 HSFO: USD/MT: 770.08 (-4.98) VLSFO: USD/MT 936.75 (-6.94) MGO: USD/MT 1 410.13 (-6.30) As of... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — showed downward correction on May 14:
  
  380 HSFO: USD/MT: 770.08 (-4.98)
  VLSFO: USD/MT 936.75 (-6.94)
  MGO: USD/MT 1 410.13 (-6.30)
  
  As of May 14, the MABUX Market Differential Index (MDI). which tracks the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), registered the following dynamics across the four major global bunkering hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four key ports remained in the underpriced zone. The degree of underpricing narrowed by $5 in Rotterdam, $9 in Singapore, $4 in Fujairah, and $13 in Houston. Notably, Houston’s MDI fell below the $100 threshold.
  
  • VLSFO segment: Fujairah remained the only overcharged port in this fuel category, with its premium widening by $11. The other three hubs continued to be underpriced, although the undercharge level narrowed by $30 in Rotterdam, $11 in Singapore, and $7 in Houston.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston continued to register underpricing. The undercharge margin decreased by $11 in Rotterdam, $16 in Singapore, and $64 in Houston. Fujairah remained the sole overpriced port, with its premium increasing by $6. MDI levels in Rotterdam, Singapore, and Fujairah stayed above the $100 mark.
  
  MABUX expects the global bunker market to resume irregular fluctuations on May 15: plus-minus 2-5 USD/MT, VLSFO: plus-minus 3–6 USD/MT, MGO LS: plus-minus 5–15 USD/MT.
  Source: MABUX
- 2026-05-15
  How the Hormuz Crisis Is Threatening Taiwan’s Power Grid
  Taiwan’s LNG problem has turned from a diversification debate into an energy-security test. The island is 99% dependent on imported natural gas, and in 2025 roughly one-third of its 23.6 Mt of LNG imports came from the Gulf region – mostly from Qatar... Read more Taiwan’s LNG problem has turned from a diversification debate into an energy-security test. The island is 99% dependent on imported natural gas, and in 2025 roughly one-third of its 23.6 Mt of LNG imports came from the Gulf region – mostly from Qatar (almost 8 Mt) and another 200,000 t from the UAE. With Qatar’s gas production shut down and the Strait of Hormuz blocked, already loaded LNG tankers are trapped inside the Gulf. Taiwan received no LNG cargoes from Qatar or the UAE in April and May. For a country where gas-fired plants generate around half of all electricity, this is a direct hit to the fuel that was supposed to make Taiwan’s power system cleaner, flexible and secure.
  
  The shock has not yet shown up as an import collapse. Taiwan imported 1.9 Mt of LNG in April, broadly in line with a year earlier, though down from 2.03 Mt in March. That apparent stability in large originated from a record spike in US supply. American LNG deliveries rose from around 200,000 t in March to 700,000 t in April, the largest monthly volume of US LNG in Taiwan’s history. The US has become the emergency buffer, but emergency cargoes are not the same as a stable term supply. They are more expensive, more exposed to global bidding wars and less reliable than the cheaper Qatari volumes Taiwan had treated as part of its baseload procurement.
  
  Australia is the other major pillar. Taiwan imported almost 8 Mt of Australian LNG in 2025, and this contract-secured imports level has been stable for the last three years. Yet it is not an unlimited backstop: Australia is also facing its own domestic gas-availability pressures and has introduced a rule requiring 20% of LNG export volumes to stay in the domestic market from 2027. Existing Taiwanese contracts signed before the December 22, 2025, cut-off are expected to be honoured (securing supplies to the island till September), but any near-term increase in Australian supply is realistically off the table.
  
  CPC, Taiwan’s state-owned oil and gas company and its key LNG importer, is already trying to rebalance. Chairman Fang Jeng-zen said in early April that the company’s strategy was to reduce dependence on Middle Eastern LNG, with a new US contract bringing an additional 1.2 Mt annually. But that is a medium-term fix, not a quick replacement for lost Gulf cargoes. Russian LNG could be a practical answer, however Taiwan’s authorities see it differently. Taiwan bought four Yamal cargoes in 2025, totalling around 350,000 t, but has no plans to import Russian LNG now. Before the war in Ukraine, Taiwan had been a stable buyer of Russian LNG, taking around 1.8-2 Mt tonnes a year. That route is now politically constrained.
  
  The power-market exposure is straightforward. Taiwan generated around 24.1 TWh of electricity per month in 2025, with gas-fired plants producing about 50% of it. Total LNG consumption was around 23.8 Mt, of which roughly 20 Mt went into power generation. That means about 85.5% of LNG use is tied directly to electricity production. If the lost Qatari and UAE cargoes are not replaced, and if no secure Gulf-origin LNG procurement is available from June, Taiwan could lose more than 2 TWh of gas-fired power generation per month – slightly less than 10% of monthly demand. That is large enough to force uncomfortable choices over who gets power first – especially in the face of a seasonal rise of electricity consumption from June till September.
  
  Taiwan’s power-market structure gives the state control but not immunity. Government-owned Taipower controlled around 66% of power generation in 2025, while independent power producers generated the rest and sold electricity to Taipower. The system was built around a coal phase-down plan that, by 2025, should have left the mix at roughly 20% renewables, 30% coal and 50% gas, with no new coal-fired stations to be built. Coal was supposed to be displaced mainly by natural gas. Now the replacement fuel is the one in shortage.
  
  That makes coal the obvious short-term fallback, like in many other countries in the Asia-Pacific region. Coal-fired generation now accounts for around 35% of Taiwan’s power output. Under the phase-down plan, four units at the Hsinda coal plant, with a combined capacity of around 2 GW, were moved into emergency back-up status between 2023 and 2025. They can now be used to offset part of the gas loss, with possible energy delivery assessed at around 1 TWh per month. That helps, but it covers only about half of the potential gas-fired generation gap.
  
  Coal is also not an entirely problem-free option. Taiwan imported only 4.5 Mt of coal in April, the lowest in five years and down 5% year-on-year. More than half of Taiwan’s coal comes from Australia, including 2.4 Mt in April. FOB Newcastle prices have risen to $130/t, up 25% year-on-year. That is still far cheaper than LNG, but availability is tightening. Australia is producing around 38.5 Mt of coal a month and plans to ship around 37.5 Mt overseas, close to the limit of its capacity. China and Japan are also scrambling for alternatives to LNG, which means Taiwan is competing for the same coal cushion. It is expected to receive only slightly higher Australian volumes in May, according to Kpler, around 2.6 Mt. Taipower has been building coal inventories since January precisely in view of a potential LNG shortage, but inventories can buttress the system for only a brief period.
  
  The bigger economic shift is Taiwan’s forced move deeper into spot LNG. Normally, around 70% of its LNG imports have been covered by term contracts, mainly from Qatar and Australia, while around 30% came from spot purchases. Losing oil-indexed Qatar volumes pushes Taiwan’s spot reliance to 60-65%. Landed Taiwan LNG prices, which used to hover around $10/MMBtu in February, are now around $17/MMBtu, with little prospect of quick relief. Taiwan can still buy cargoes, but it will do so in a market where every other Asian importer is also trying to insure itself against the same shortage.
  
  Nuclear power should be the strategic fix to the island’s problems, but it cannot arrive in time. Taipower has submitted a plan to Taiwan’s Nuclear Safety Council to restart Kuosheng and Maanshan, two nuclear plants taken offline after their 40-year licences expired in 2023 and 2025, respectively. At full capacity, the four units could add around 30 TWh a year. That would be meaningful, but the full restart is unrealistic before 2028, leaving it irrelevant for the immediate summer squeeze.
  
  So Taiwan is left with a fragile bridge: record US LNG, constrained Australian contracts, emergency coal-fired plants, and a nuclear option stuck in the future. Authorities say LNG imports have been secured on the spot market and through term Australian contracts until September. But media reports that official LNG reserves stood at only around 11 days of consumption in early May show how narrow the buffer is.
  
  The danger extends beyond higher fuel prices, and not only for Taiwan itself. It revolves around power rationing in an economy built on semiconductor and photovoltaic manufacturing – two sectors of immense importance in a world that aspires to transition to cleaner energy options in the near future. If shortages hit in earnest, industry is likely to suffer first, as private consumers usually come as a priority for the authorities, causing a possible major semiconductor supply crisis globally. Taiwan’s energy transition has so far leaned on gas as a cleaner and more sustainable replacement for coal, but the Hormuz crisis is now exposing the risks in that bet.
  
  Source: Oilprice.com
- 2026-05-15
  Global Oil Stockpiles Plunge as Iran War Chokes Supply
  The West’s international energy watchdog has warned that oil stockpiles were being drained at a record rate last month as the US’s war in Iran continues to choke supply in an “unprecedented” supply shock. The International Energy Agency revealed that... Read more The West’s international energy watchdog has warned that oil stockpiles were being drained at a record rate last month as the US’s war in Iran continues to choke supply in an “unprecedented” supply shock.
  
  The International Energy Agency revealed that around 4m barrels of oil a day were tapped from back-up supplies in April, within a detailed report on the global market.
  
  It said: “More than ten weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace … Observed global inventories, including oil on water, were drawn down by 250m barrels over March and April, or 4m barrels per day.”
  
  The war has, in effect, closed the Strait of Hormuz through which tankers usually carry around a fifth of the world’s seaborne crude. The fragile ceasefire has not significantly boosted traffic.
  
  The IEA labelled it “an unprecedented supply shock”, in words that chimed with fears of a looming fuel supply crunch, including of jet fuel into the peak summer holiday travel season.
  
  The report included some stark numbers on the impact of the war: “With Hormuz tanker traffic still restricted, cumulative supply losses from Gulf producers already exceed 1bn barrels with more than 14 mb/d of oil now shut in.
  
  “Global oil supply declined by a further 1.8m b/d in April to 95.1m b/d, taking total losses since February to 12.8m b/d.”
  
  ‘Unprecedented supply shock’
  
  The agency said that “the petrochemical and aviation sectors are currently most affected” and pointed to price spikes ahead, as well as a “plunge” in “refinery crude throughputs” by 4.5m b/d” in the second quarter.
  
  Then came an update from OPEC, the representative body of some of the world’s most influential oil-exporting nations.
  
  It cut its 2026 forecast for global oil demand growth to 1.2m b/d in its latest Monthly Oil Market report, trimmed from 1.4m b/d in the previous edition.
  
  It described the revised rise as “healthy”, but it reflected overall cuts to demand forecasts for the second, third and fourth quarters of the year.
  
  OPEC said oil market traders trimmed their bets on a higher oil price, as “net long positions declined over April, mainly in ICE Brent”, the main international crude benchmark. It cited “profit-taking from previously accumulated long positions” amid “mixed geopolitical signals and potential de-escalation” in the Gulf.
  
  Nonetheless, OPEC said, “Hedge funds and other money managers maintained a broadly bullish stance on the crude oil market” in the month.
  
  During April, Brent Crude peaked at around $140 a barrel, depending on the exactitudes of the contracts concerned. Crude for physical delivery in the month crossed above $141, at the height of the tensions, while the shortest-term futures contracts hit $138 a barrel.
  
  On Wednesday, Brent was at $107.43, down on the day by about 0.3 percent.
  
  Crude over $100 and beyond has stoked a wave of concern about an inflation shock, caused by higher energy prices rippling through the global economy.
  
  The IEA said: “A weaker economic environment and demand-saving measures will increasingly impact fuel use”.
  
  Russian oil exports rise
  
  But the Paris-based outfit also pointed to increased supply away from the world’s crude-producing heartlands.
  
  It said: “Producers outside of the Middle East also pushed output higher and lifted exports to record levels in response to the crisis.
  
  “Indeed, 2026 supply growth expectations from the Americas have been revised up by more than 600 kb/d since the start of the year, to 1.5m b/d on average.”
  
  And there was insight into the knock-on effects for a nation also at war, in Ukraine rather than the Middle East:
  
  “Russia’s crude oil exports have also risen, as repeated attacks on its refineries have cut domestic use and led to higher shipments, while the United States temporarily waived sanctions on Russian oil on water,” the agency said.
  
  Overall, the IEA expects global oil demand to fall by 2.4m b/d year-on-year in the second quarter.
  
  “For now, the steepest losses are seen in the petrochemical sector, where feedstock availability is becoming increasingly constrained. Aviation activity is also running well below normal levels”.
  
  Source: Oilprice.com
- 2026-05-15
  Mexico's President Announces the Resignation of Pemex CEO Victor Rodríguez
  Mexican President Claudia Sheinbaum announced on Thursday that Pemex CEO Víctor Rodríguez is stepping down, naming the state oil company’s chief financial officer, Juan Carlos Carpio, as his replacement. The move comes after months of speculation over... Read more Mexican President Claudia Sheinbaum announced on Thursday that Pemex CEO Víctor Rodríguez is stepping down, naming the state oil company’s chief financial officer, Juan Carlos Carpio, as his replacement.
  
  The move comes after months of speculation over Rodríguez’s future at Pemex, which has struggled with declining production, operational setbacks, and rising internal tensions.
  
  In a video address posted to social media, Sheinbaum appeared alongside Rodríguez, Carpio, and Energy Secretary Luz Elena González to formally announce the leadership change at Mexico’s state-owned oil company.
  
  “I am very happy and grateful to Victor, and I know Juan Carlos is going to do an excellent job,” Sheinbaum said.
  
  According to the president, Rodríguez had accepted the position on the condition that he would remain in the role for only a year and a half, a request she said her administration was now honoring.
  
  Rodríguez is an academic who, as Sheinbaum emphasized in the video, only took over the role at her request. According to sources talked to by Reuters, he had attempted to resign twice last year, but the president persuaded him to remain both times.
  
  His tenure was marked by a series of high-profile challenges, including a major oil spill and a deadly refinery accident. The company has also struggled to raise crude production, which currently stands at approximately 1.6 million barrels per day - well below the government’s stated target of 1.8 million bpd.
  
  The fact that the company has failed to capitalize on the recent rally in oil prices triggered by the Iran war highlight the broader structural and operational issues it has been dealing with for over a decade now.
  
  Carpio will now take over one of the most difficult jobs in the oil industry, attempting to revive one of the world’s most indebted oil companies, rehabilitate its aging infrastructure, and reverse years of declining output.
  
  As CFO, Carpio has already been deeply involved in the company’s financial restructuring efforts, and his appointment suggests Sheinbaum may prioritize tighter fiscal management and operational discipline as her government attempts to restore confidence in Pemex.
  
  The leadership transition also underscores the growing political importance of Pemex for Sheinbaum’s administration, which has repeatedly framed energy sovereignty and state control of hydrocarbons as central pillars of Mexico’s economic strategy. Source: Oilprice.com
- 2026-05-15
  Ottawa and Alberta Push New 1 Million Bpd Oil Pipeline
  Canada may finally be doing the thing everyone has been yelling about for the last decade: building more oil pipelines. Prime Minister Mark Carney said Thursday that Ottawa and Alberta will meet Friday to advance plans for a major new pipeline capable... Read more Canada may finally be doing the thing everyone has been yelling about for the last decade: building more oil pipelines.
  
  Prime Minister Mark Carney said Thursday that Ottawa and Alberta will meet Friday to advance plans for a major new pipeline capable of moving at least 1 million barrels per day of Alberta crude to new markets. Carney also confirmed reports that his government will unveil a new industrial carbon pricing agreement with Alberta, signaling an attempt to calm the long-running cold war between Ottawa and Canada’s energy heartland.
  
  For a country sitting on the world’s third-largest oil reserves, Canada has spent an impressive amount of time arguing with itself about whether it actually wants to move any of it.
  
  That may be changing.
  
  The latest push comes as global oil markets remain deeply rattled by the Iran war and the disruption of Persian Gulf exports through the Strait of Hormuz. Canadian crude suddenly looks a lot more attractive when Middle Eastern barrels become difficult, expensive, or politically radioactive.
  
  Earlier this month, oil producers committed at least 400,000 barrels per day to another proposed export pipeline system linking Canada to the United States through Montana and Wyoming. That project, backed by South Bow Corp. and Bridger Pipeline, would initially move 550,000 bpd and eventually scale to more than 1.1 million bpd.
  
  The market signal is getting harder for Ottawa to ignore.
  
  Canada is already producing roughly 5.5 million bpd and is expected to reach 6.1 million bpd by 2030. Pipeline constraints have haunted the industry for years, trapping barrels inland and hammering Canadian crude prices whenever takeaway capacity tightens.
  
  The Trans Mountain expansion helped, but not enough. Enbridge is expanding. TMX may expand again. Now Ottawa appears ready to lean further into export infrastructure.
  
  Even the politics may be shifting.
  
  Carney’s move on industrial carbon pricing suggests the federal government understands something it resisted for years: Canada probably cannot become an energy superpower while simultaneously making it impossible to build energy infrastructure. Source: Oilprice.com
- 2026-05-15
  Russia’s Oil Windfall Gets Bigger as Hormuz Stays Shut
  Russia just found itself on the right side of the oil shock. As the Iran war continues to choke flows through the Strait of Hormuz and scramble global crude markets, Moscow’s flagship Urals blend is essentially printing money. For tax purposes, Russia... Read more Russia just found itself on the right side of the oil shock.
  
  As the Iran war continues to choke flows through the Strait of Hormuz and scramble global crude markets, Moscow’s flagship Urals blend is essentially printing money. For tax purposes, Russia will calculate May oil revenues using an average Urals price of $94.87 per barrel, the highest level since October 2023, according to Bloomberg calculations based on government data.
  
  That translates into nearly 7,300 rubles per barrel, up 18% from April.
  
  And nearly 60% higher than a year ago.
  
  But just days ago, Moscow cut its 2026 economic growth forecast to 0.4% from 1.3%, acknowledging that the wartime growth machine is running out of easy fuel. Russia’s economy contracted by 0.3% in the first quarter, its first quarterly decline since early 2023, as high interest rates, sanctions, and slowing domestic momentum began piling up.
  
  Persian Gulf supply disruptions, however, have pushed buyers back toward barrels they once avoided or discounted heavily—like Russia’s. India has returned as a major buyer, and Moscow is once again swimming in petrodollars.
  
  The extra cash has already given the Kremlin breathing room.
  
  Bloomberg previously reported that higher oil revenues allowed Russia to resume replenishing its rainy-day fund and postpone some politically awkward budget tightening.
  
  Still, there is one complication: the ruble.
  
  Russia’s currency has strengthened to its highest level against the dollar since early 2023. That sounds great at first read. But oil is priced in dollars and taxes are collected in rubles. A stronger currency shrinks the local value of every exported barrel.
  
  Then there are subsidies. Russia paid out 359 billion rubles, or roughly $4.8 billion, in April alone to support refiners and shield domestic fuel markets from global price spikes.
  
  Even so, oil around $95 is doing what sanctions and monetary policy could not: temporarily making Russia’s budget problems look smaller. The Kremlin has spent years building a war economy. Right now, oil is helping keep the machine fed. Source: Oilprice.com
- 2026-05-15
  China's Gasoline Consumption Could Plunge 5.5% in 2026 as Oil Prices Surge
  China's gasoline demand has dropped since the Iran war upended the global oil markets and is on track to decline more than previously expected this year, due to the higher prices and the continued push toward electric vehicles. China could see its... Read more China's gasoline demand has dropped since the Iran war upended the global oil markets and is on track to decline more than previously expected this year, due to the higher prices and the continued push toward electric vehicles.
  
  China could see its gasoline demand slump by as much as 5.5% this year from 2025, GL Consulting said in its latest forecast reported by Bloomberg on Thursday. Before the war, the China-based consultancy had expected a 5.2% decline in gasoline consumption for 2026.
  
  The expected 5.5% drop in Chinese gasoline consumption would be the second-steepest slump on record, following the 2022 plunge when China was still under severe Covid-related lockdowns.
  
  The increase in gasoline prices, despite government interventions in the sector, is discouraging driving of conventional cars with internal combustion engines, especially in many cities where EVs are more convenient and cheaper ways to move around.
  
  Overall Chinese oil demand growth is set to be just 50,000 barrels per day (bpd) year over year in 2026, slowing from 220,000 last year, as demand in the second quarter is plunging, the International Energy Agency (IEA) said in its monthly Oil Market Report this week.
  
  Chinese oil consumption is set to decrease by 290,000 bpd year-on-year in the current quarter "as the ongoing slump in petrochemical feedstocks combines with a slowing outlook for the fuels in the face of a more adverse macro climate and higher fuel prices," the agency said.
  
  Demand will return to growth in the third quarter, under the agency's base-case scenario that flows through the Strait of Hormuz would gradually resume after June.
  
  In terms of road fuels, demand growth "is set to slow to a crawl in 2Q26", as soaring pump prices discourage driving. Chinese retail fuel prices for gasoline and diesel have jumped by around 30% since the start of the Iran conflict and within a whisker of all-time highs set in the middle of 2022, the IEA noted.
  
  Source: Oilprice.com

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