Singapore's Base Oils Exports Hit 3-Year High In Month To 11 March

Photo of Singapore, with Marina Bay Sands and vessels in background

Photo by Mike Enerio on Unsplash

Published on:

13 Mar 2026, 4:00 am

Summary

Four-week base oils exports surged to a three-year high, with domestic shipments at a one-year high pointing to stronger local production
Exports to China hit a three-year high, while flows to India and Southeast Asia also rose
Feedstock disruption and surging diesel crack spreads raise the prospect of refinery run cuts that could curb future base oils shipments

Singapore's base oils exports surged to a three-year high in the four weeks to 11 March, with domestic shipments climbing to the highest in a year and exports to China hitting a three-year high, even as feedstock disruption threatens to curb future output.

Total base oils exports rose to more than 216,000 tonnes, up from 180,000 tonnes in the previous four-week period and the highest since March 2023, Enterprise Singapore data showed.

Graph showing Singapore 4-week base oil exports data

Exports surgeEnterprise Singapore

Domestic exports rose to the highest in a year, pointing to stronger local base oils production, while re-exports climbed to their highest since July 2025.

Key Highlights

· Exports surged as weekly shipments climbed to the highest since August 2023.

· Exports to China rose to more than 50,000 tonnes, the highest since March 2023.

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· The past week’s exports included the largest cargo to the UAE since September, with its delivery route and final destination unclear as the Strait of Hormuz remains effectively closed to most marine traffic.

Market Repercussions

The surge in exports coincided with a seasonal pick-up in demand across key regional markets, with Middle East supply disruption adding to the importance of Singapore shipments to buyers in India especially.

A potential tightening of regional availability added to the incentive for overseas buyers to lock in additional supplies, although most of those shipments were likely already committed before this month’s disruption to flows from the Middle East.

The surge in volumes could help to build buyer stocks in the near term, but that buffer has limits.

Sustaining the current pace of shipments could become harder if disruption to crude oil feedstock supplies from the Middle East prompts refiners to cut run rates.

Surging diesel crack spreads added to that pressure, increasing the incentive to shift throughput towards middle distillates.

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