Market Chatter: Chevron, Motiva Cut Motor Oil Feedstock Deliveries as Iran War Disrupts Market

MT Newswires Live05-20 06:54

Chevron (CVX) and Saudi Aramco-owned Motiva Enterprises have reduced some customer deliveries of Group III and II base oils, key ingredients used in high-end motor oil and lubricants, to minimum contractual levels as the Iran war continues to disrupt supplies, Bloomberg reported on Tuesday, citing people familiar with the matter.

Such reductions were highly unusual outside refinery outages, with Group III supplies especially constrained, the report said.

Global base oil markets have been under pressure since the conflict began, while Group III prices have climbed to record highs, according to Argus Media, cited by Bloomberg.

The US imports 44% of its Group III oil from the Middle East. Bloomberg said supply strains worsened after Iranian attacks in March damaged Shell's Pearl GTL facility in Qatar, a major supplier.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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