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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 289.00
0.00
1 265.00
-15.00
Aug 25
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 289.00	0.00	1 265.00	-15.00	Aug 25

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
629.17	-3.90	780.20	-5.10	1 359.80	-10.41	Aug 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	555	646	-91	673	726	-53	1 265	1 407	-142	Aug 25
Singapore	665	672	-7	820	824	-4	1 220	1 400	-180	Aug 25
Fujairah	645	622	+23	805	764	+41	1 401	1 463	-62	Aug 25
Houston	484	631	-147	705	735	-30	1 257	1 354	-97	Aug 25

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Latest News
- 2026-08-26
  The Biggest Victims Of Trump’s Economic D-Day On Iran
  Trump’s “economic D-Day” against Iran is built around one of Washington’s most powerful weapons: access to the U.S. financial system. The problem is that the deeper Washington pushes into Iran’s remaining trade, the bigger the targets become. China... Read more Trump’s “economic D-Day” against Iran is built around one of Washington’s most powerful weapons: access to the U.S. financial system. The problem is that the deeper Washington pushes into Iran’s remaining trade, the bigger the targets become.
  
  China buys more than 80% of Iran’s seaborne crude. Iraq relies on Iranian gas for as much as 40% of its electricity generation. Turkey imported 4.5 bcm of Iranian gas in the first half of this year, while India still maintains a heavily one-sided trade relationship with Tehran. The UAE, once one of Iran’s most important commercial and financial conduits, has already suspended dealings with Tehran.
  
  The U.S. Treasury can sanction tankers, traders and small Chinese refiners without creating much collateral damage outside the Iranian trade. Going after the major banks financing that commerce is different, however. The same is true of forcing Baghdad to choose between complying with Washington and keeping Iranian gas flowing to Iraqi power stations.
  
  The Trump administration took a cautious approach on Monday. Its first round targeted nearly 60 individuals, companies and vessels and expanded sanctions across shipping, aviation, technology, gold and digital assets, but left China’s major banks untouched.
  
  That leaves the most powerful part of Trump’s threat still hanging over Iran’s trading partners. If the first round fails to cut Iranian commerce sufficiently, Washington can move from sanctioning the networks built to evade U.S. restrictions to targeting the banks and companies that still have substantial business to lose in the United States.
  
  Here are five countries facing some of the hardest choices under Trump’s new economic offensive against Iran.
  
  #1. China No country buys more Iranian oil than China, making Beijing the largest remaining source of hard-currency revenue for Tehran. Chinese imports reached 1.58 million barrels per day earlier this year before the war and U.S. blockade began squeezing those flows, with shipments falling to roughly 534,000 bpd so far in August from 823,000 bpd in July, according to Reuters.
  
  But China has spent years building an oil trade with Iran designed to minimize its exposure to U.S. sanctions. Independent teapot refineries buy much of the crude, tankers use ship-to-ship transfers and other methods to disguise its origin, and transactions are settled in Chinese currency through difficult-to-track intermediaries. Washington has repeatedly targeted pieces of that network, including Chinese refiners, trading companies and vessels involved.
  
  Those sanctions have disrupted individual companies without stopping the trade. Iranian oil flows to China reached 1.58 million bpd as recently as February even after Washington intensified sanctions on Chinese buyers. Major Chinese banks are a much more powerful target because they still depend on dollar clearing and access to the wider international financial system.
  
  Bessent stopped short of sanctioning those banks on Monday, saying the Treasury wanted to give countries time to cut their exposure before the new sanctions are enforced. But he also promised a “major announcement” involving a financial institution by the end of the week. The Treasury has already warned two larger Chinese banks that they could face secondary sanctions if Iranian funds are found moving through their systems, according to Reuters.
  
  Going after a major Chinese bank would carry much higher costs for Washington. Trump and Xi are scheduled to meet in Washington in late September, with both sides trying to preserve the trade agreement struck last November on U.S. tariffs and Chinese rare-earth supplies.
  
  China therefore remains the biggest test of how far Trump is prepared to take “economic D-Day.” Beijing has repeatedly rejected unilateral U.S. sanctions, while previous U.S. measures have failed to stop Iranian crude from reaching Chinese refiners.
  
  #2. Iraq
  
  Iraq is already struggling from the effects of the U.S.-Iran war. Iraq’s state budget is almost entirely dependent on oil exports, which have been devastated by the naval blockades and maritime crossfire in the Persian Gulf. Following the closure of the Strait of Hormuz, Iraq's southern oil exports plummeted by 75%, with monthly oil revenues dropping to a meager $1.2 billion, leaving the government unable to balance its books.
  
  Iran’s natural gas is absolutely critical for Iraq’s energy sector, with Iran importing $4 billion to $5 billion worth of natural gas annually from its neighbor to fuel its power stations. Indeed, Iranian gas accounts for 30% to 40% of Iraq's electricity generation, and Trump’s warning that any country providing a lifeline to Tehran will face "tremendous economic consequences" directly threatens the temporary U.S. sanctions waivers Baghdad previously enjoyed.
  
  Iraq is facing catastrophic power grid collapses if Washington fully enforces these secondary sanctions, hollowing out basic electricity access for millions of Iraqi citizens during peak season, according to Reuters.
  
  #3. Turkey
  
  Turkey’s pain from the war in Iran is set to only get worse as Washington tightens the noose on Tehran. Turkish manufacturing and textile sectors are reeling from soaring shipping costs and tightening supply chains. Turkey relies on Iran and the wider Gulf region for key manufacturing inputs, including everything from petrochemicals and helium to aluminum and around half of its fertilizer. Turkey is already facing energy supply disruptions coupled with acute inflationary pressures, with fuel prices surging by roughly 50%. These ballooning energy import costs are heavily weighing on Ankara's balance sheet, with the value of Turkey's energy imports projected to outweigh its total exports by up to $40 billion this year.
  
  Meanwhile, Turkey’s 25-year deal to buy up to 9.6 bcm of natural gas annually from Iran via the Tabriz-Ankara pipeline officially expired at the end of July 2026, with the war preventing the two sides from negotiating a new agreement. Turkey’s imports of Iranian gas spiked 34% Y/Y to 4.5 bcm during the first half of 2026, eclipsing Russian supplies, with only Azerbaijan supplying more gas.
  
  Turkey is far less dependent on Iranian gas than it was when the original supply agreement was signed. Ankara has expanded pipeline imports from Azerbaijan and Russia, built out its LNG import capacity and added floating storage and regasification terminals, giving it several alternatives when Iranian volumes disappear.
  
  But replacing Iranian gas comes at a price. The Tabriz-Ankara pipeline delivers gas directly into eastern Turkey, where alternative supplies are more difficult and expensive to move, while Iranian pipeline gas has historically been among Turkey’s cheaper sources. Losing those volumes would not leave Turkey without gas, but it would force Ankara to lean harder on LNG and other suppliers just as the war is already pushing up its energy import bill.
  
  #4. India
  
  India has relatively little exposure to Iranian crude compared with China, although purchases have resumed under U.S. exemptions. India imported $707 million worth of Iranian oil during the first half of 2026, according to government data cited by Reuters.
  
  U.S. sanctions have already reduced trade between India and Iran to a fraction of its former size. Bilateral trade fell to $1.63 billion in the 2025/26 fiscal year from $17 billion in 2018/19, with Indian exports now dominated by goods such as basmati rice, tea and pharmaceuticals, according to Reuters. That has left India with a substantial trade surplus with Iran, but the remaining trade is now directly exposed to Trump’s latest sanctions push.
  
  India faces a much larger problem from the war itself. The world’s third-largest oil consumer imports close to 90% of its crude, leaving its economy highly exposed to the surge in energy prices. Higher import costs have put additional pressure on the rupee and inflation while increasing the government’s energy bill.
  
  India’s remaining trade with Iran is heavily weighted toward Indian exports, including rice, tea and pharmaceuticals, with substantial volumes traditionally going through Dubai. The UAE’s decision to halt financial and commercial dealings with Iran has already disrupted that route, forcing Indian exporters to look for alternatives including Turkey. Further U.S. restrictions could squeeze what remains of a trading relationship that has already fallen more than 90% from its 2018/19 peak.
  
  #5. United Arab Emirates
  
  The UAE was one of Iran’s most important economic lifelines before the war, exporting roughly $21 billion worth of goods to Iran in 2024, equivalent to about 30% of Iranian imports. Iran also relied heavily on Dubai as a financial, logistics and re-export hub, making the UAE one of the most important routes connecting Iranian businesses to the wider global economy.
  
  But Abu Dhabi has already moved to cut that exposure. On August 19, the UAE suspended all financial and economic dealings with Iran until further notice after detecting two ballistic missiles launched from Iran toward maritime traffic near Emirati waters. Tehran denied targeting the UAE. The move effectively puts the UAE ahead of Trump’s new sanctions push, sharply reducing the risk that Emirati companies will be caught maintaining the kind of commercial links Washington is now targeting.
  
  That doesn’t mean the economic cost couldn’t still be heavy. The UAE was Iran’s largest source of imports before the war, while Dubai built decades of commercial ties with Iranian traders and businesses. Cutting those links therefore protects the UAE from Washington’s secondary sanctions, but also eliminates billions of dollars in trade. Source: Oilprice.com
- 2026-08-26
  SPR Sinks Toward Operational Minimum as U.S. Crude Inventories Build
  The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 4.2 million barrels in the week ending August 21. Analysts had expected a 1.9 million-barrel build. In the week prior, US crude oil inventories fell... Read more The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 4.2 million barrels in the week ending August 21. Analysts had expected a 1.9 million-barrel build. In the week prior, US crude oil inventories fell by 328,000.
  
  Commercial crude oil inventories excluding the SPR have lost just over 45 million barrels over the last nineteen weeks, with US crude inventories up 5.8 million for the year, according to API data, kept in check by draws from the SPR.
  
  For the week ending August 21, another 3.7 million barrels left the SPR to aid commercial inventories, bringing the new total inventory held in the SPR to 289.7 million barrels—a level that is 442 million barrels shy of maximum capacity.
  
  The generally accepted operational minimum for oil in the SPR is between 250-300 million barrels, below which the reserve may find it difficult to pump and process oil efficiently.
  
  US production for the week ending August 14 rose to 13.830 million bpd, up from 13.805 in the week prior, and up 503,000 bpd from a year earlier.
  
  At 2:09 pm ET on Tuesday, Brent crude was trading down on the day at $88.38 (-4.11%), a nearly $3 per barrel loss week over week.
  
  WTI was also trading down on the day, by $2.90 per barrel (-3.39%) at $82.13, down more than $3.50 per barrel from this time last week.
  
  Gasoline inventories fell this week by 3.2 million barrels in the week ending August 21. In the week prior, gasoline inventories rose by 1.076 million barrels. In the week prior, gasoline inventories were already 5% below the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories fell by 500,000 barrels, after a 2.797-barrel loss in the week prior. Distillate inventories were 13% below the five-year average heading into this reporting period, the latest EIA data shows.
  
  Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—rose by 1 million barrels over the reporting period after falling by 1.439 million barrels in the week prior.
  
  Source: Oilprice.com
- 2026-08-26
  Satellite Images Show Seven Tankers Loading Iraqi Crude at Once
  Seven crude carriers were moored at Iraq’s Persian Gulf export facilities on August 24—a sharp increase from recent weeks. The carriers had a combined carrying capacity of roughly 13 million barrels, according to satellite imagery analyzed by Bloomberg. TankerTrackers.com... Read more Seven crude carriers were moored at Iraq’s Persian Gulf export facilities on August 24—a sharp increase from recent weeks. The carriers had a combined carrying capacity of roughly 13 million barrels, according to satellite imagery analyzed by Bloomberg.
  
  TankerTrackers.com separately said it counted and identified 13 million barrels loading Monday at Iraq’s Al Basrah Oil Terminal.
  
  That is a dramatic departure from the past several weeks, when satellite passes typically showed just one or two tankers at Iraq’s offshore export facilities on any given day.
  
  Before the Iran war, six tankers occupying the terminal’s eight berths at once was normal.
  
  Monday’s activity does not mean Iraqi exports have returned to pre-war levels. It is a one-day snapshot, and every one of those barrels still has to make it through the Strait of Hormuz.
  
  Regional oil flows have stayed well below pre-war norms even as more Gulf producers experiment with covert transits, ship-to-ship transfers and alternative export routes.
  
  Iran’s own crude exports have been particularly hard hit. August loadings are running around 300,000 barrels per day (bpd), compared with a 2025 average of roughly 1.7 million bpd, while floating Iranian storage outside the Gulf has fallen to about 24 million barrels.
  
  Iraq has had considerably more success keeping barrels moving.
  
  The country said earlier this month that it was exporting around 2 million bpd despite the Hormuz disruption, and Chinese refiners have been snapping up Iraqi Basrah Medium and Basrah Heavy as supplies from elsewhere in the Gulf tighten.
  
  Seven tankers loading at once does not prove the Gulf oil crisis is easing. But after weeks of sparse activity at Basra, it is at least evidence that Iraq is managing to push more crude toward the exit.
  
  Source: Oilprice.com
- 2026-08-26
  China Defies U.S. Economic D-Day against Iran
  China on Tuesday signaled it would not end its ties and trade relations with Iran following the U.S. sanctions unveiled on Monday that target Chinese and Hong Kong entities for helping Iran do business. On Monday, the U.S. Administration announced... Read more China on Tuesday signaled it would not end its ties and trade relations with Iran following the U.S. sanctions unveiled on Monday that target Chinese and Hong Kong entities for helping Iran do business.
  
  On Monday, the U.S. Administration announced a series of new sanctions against individuals and entities linked with Iranian trade and economy, including the shipping and oil industry.
  
  However, “Operation Economic Outcast,” launched by Treasury Secretary Scott Bessent, stopped short of sanctioning any Chinese banks.
  
  The oil trade remains one of the U.S. sanctions campaign’s primary targets. Monday’s designations include brokers, companies, and shadow-fleet vessels operating across the UAE, Hong Kong, China, Singapore, Switzerland, and Europe that transport Iranian oil and channel revenues to Iranian entities. OFAC also sanctioned international companies operating in Iran’s petroleum sector and facilitating the movement and sale of Iranian crude and petroleum products.
  
  In the first official and public reaction to the ‘Economic D-Day’, Lin Jian, spokesperson for the Chinese Foreign Ministry, said at a regular press conference on Tuesday that “China has made clear on many occasions its firm opposition to illicit unilateral sanctions that have no basis in international law or the authorization of the UN Security Council. Economic warfare and maximum pressure provide no solution.”
  
  Such moves by the U.S. “only serve to fuel tensions and lead to risk spillover, which will disrupt the global economic and financial order, and harm the legitimate rights and interests of other countries,” the spokesperson added.
  
  “China will do everything necessary to firmly safeguard its rights and interests,” he said on several occasions, hinting that China could retaliate against the U.S. if sanctions further expand.
  
  Asked if China would be willing to change some of its behaviors and interactions with Iran to comply with U.S. demands, the official said that “China’s cooperation with Iran is conducted within the framework of international law, thus should not be disrupted. China is closely following the developments, and will do everything necessary to firmly safeguard its rights and interests.” Source: Oilprice.com
- 2026-08-26
  Hormuz Crisis Boosts Appeal of $42-Billion Tanzania LNG
  Equinor sees a multi-billion LNG export project in Tanzania becoming more attractive for development amid the Middle East conflict that has crippled liquefied natural gas supply through the Strait of Hormuz, a senior executive at the Norwegian energy... Read more Equinor sees a multi-billion LNG export project in Tanzania becoming more attractive for development amid the Middle East conflict that has crippled liquefied natural gas supply through the Strait of Hormuz, a senior executive at the Norwegian energy major said on Tuesday.
  
  However, Equinor and its co-operator of the project, Shell, have been locked in difficult negotiations with the government and authorities in Tanzania for years and the provisional Tanzania LNG project has not advanced much this decade.
  
  “You don't want to wait too long to put new LNG volumes on the market, so maybe now is a good time to get on with it,” Philippe Mathieu, Executive Vice President, Exploration & Production International, at Equinor, said at an energy conference in the Norwegian city of Stavanger, as carried by Reuters.
  
  The Hormuz crisis and the now-dead assumption that Qatar and other Gulf producers are the most reliable suppliers of oil and gas make the project in Tanzania, estimated to cost $42 billion, more attractive, the executive said.
  
  “It means you are producing LNG in an area which is not exposed to these kinds of geopolitical challenges,” Mathieu added.
  
  Shell and Equinor, the joint operators of the project, have been pursuing for years agreements to start developing the planned $42-billion LNG export project in Tanzania. The project for connecting natural gas discoveries offshore Tanzania with an export terminal on its coast has been a decade in the making.
  
  But the international oil and gas majors have failed to reach so far detailed and definitive agreements with Tanzania’s government about the terms and conditions in what could be the country’s biggest-ever foreign investment.
  
  After buying BG Group in 2016, Shell became the operator of two offshore blocks in Tanzania, Block 1 and Block 4, together with its partners Medco Energi (Ophir Energy) and Pavilion Energy. A total of 16 trillion cubic feet (Tcf) of natural gas has been discovered in the blocks.
  
  Equinor, for its part, started exploration drilling activities in Block 2 offshore Tanzania in 2011 and has made nine discoveries with estimated volumes of more than 20 Tcf of gas in place. Source: Oilprice.com
- 2026-08-26
  China’s Top Refiner Seeks Transformation amid Falling Fuel Sales
  The world’s biggest oil refiner, China’s state-held Sinopec, is looking to transform its business as domestic fuel sales crumble amid the electric vehicle boom. China Petroleum & Chemical Corporation, as Sinopec is officially known, will be allocating... Read more The world’s biggest oil refiner, China’s state-held Sinopec, is looking to transform its business as domestic fuel sales crumble amid the electric vehicle boom.
  
  China Petroleum & Chemical Corporation, as Sinopec is officially known, will be allocating more capital to new energy and chemicals by the end of the decade to grow revenues and profits amid the lowest domestic fuel sales in China in nearly a decade.
  
  “As the company grows in scale, its ability to respond to market changes becomes inadequate, and the 'big company syndrome' remains to be overcome,” Sinopec’s chairman, Hou Qijun, who was appointed a year ago in the role, wrote in a magazine published by China’s powerful State-owned Assets Supervision and Administration Commission (SASAC), as carried by Reuters.
  
  This weekend, Sinopec reported an increase in net profit for the first half of 2026, but flagged falling domestic fuel sales, which have been weighing on the company’s earnings for two years now.
  
  “Due to the dampening effect of high oil prices on demand and accelerated substitution by new energy, domestic refined oil products consumption declined by 8.6% year on year, among which gasoline decreased by 7.9%, diesel decreased by 11.5%, while jet fuel (kerosene) rose by 1.3% driven by holiday travel and the recovery of international routes,” Sinopec said in its press release.
  
  Moreover, domestic demand for major chemical products was weak, with ethylene equivalent consumption down by 9.9% year on year.
  
  In the marketing and distribution segment, revenues fell by 1.5% year on year for the first half of 2026.
  
  “This change was mainly due to the decline in refined oil product sales volume resulting from the dampening effect of high oil products on refined oil consumption and accelerated new energy substitution,” Sinopec added.
  
  The company’s chairman is looking to develop shale oil fields, sustainable aviation fuels, and cut refining costs to make Sinopec more resilient to the declining fuel demand in China.
  
  “Gasoline was made for cars, yet half of new cars no longer need fuel ... Under these circumstances, how can producing more gasoline and diesel continue to generate revenue?” Hou told analysts at the results presentation on Monday.
  
  Source: Oilprice.com
- 2026-08-25
  SOHAR Port and Freezone reports 52% increase in H1 cargo throughput
  The 52 million metric tonnes of cargo throughput at SOHAR Port and Freezone during the first six months of the year marked a 52% year-on-year (y-o-y) increase. In a statement issued last week, the 50/50 joint venture between Asyad Group and the Port... Read more
- 2026-08-25
  GEA and DNV launch three-year ethanol data partnership
  The Global Ethanol Association (GEA) and DNV have agreed a three-year Ethanol Data Intelligence Partnership that will see the GEA develop ethanol fuel data which will be made available to users of the class society’s Alternative Fuels Insight (AFI) platform. The... Read more
- 2026-08-25
  Canadian used oils-to-bunkers company secures $35 million investment to fund production facility
  EnerPure, a Calgary-based company that has developed a ‘small scale, modular’ process for converting used motor oils into low sulphur marine fuels, has secured $35 million in funding from US-based Rice Investment Group (RIG) and Canada Growth Fund Inc.... Read more
- 2026-08-25
  DNV introduces Resilience Framework for energy infrastructure
  Classification society DNV has urged the energy sector to see infrastructure resilience as a ‘strategic priority’, and ‘not a compliance exercise’ in order to deal with today’s ‘ever-changing and increasingly complex threats’. To support this effort,... Read more

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