AUSTRALIA – Asia’s crude oil imports rose to over 26.39 million barrels per day in October 2026, surpassing pre-war levels as regional petroleum exports steadily improved. Due to persistent refinery outages and shipping difficulties, refined fuel imports, particularly diesel, remained approximately 10% lower than pre-conflict levels. Meanwhile, Singapore’s petrol and petrol prices remained much higher than before the Iran crisis, indicating persisting supply pressures. The disparity between crude oil availability and refined fuel supply could have an impact on refinery operating costs, petroleum logistics, and traditional base oil markets, thereby affecting the competitiveness of re-refined base oils (RRBO).
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(Source: Reuters)