Lubricants Market Morning Report 20260622

Global Market Updates

US and Iran Sign Memorandum of Understanding; Strait of Hormuz Reopens to Shipping

A remote-signed memorandum between the US and Iran took immediate effect on June 17. Merchant vessels are granted free and safe passage for 60 days, with mine clearance to restore full navigation within 30 days. Around 700 vessels have begun transiting sequentially, and monthly shipping throughput may recover to nearly 50% of pre-conflict levels within the month.

Iranian Military Issues Fresh Warning: Strait of Hormuz Closed to All Vessels

On June 20, the Islamic Revolutionary Guard Corps Navy announced the closure of the strait, citing Israeli operations in Lebanon and unfulfilled ceasefire commitments from the US. This contradicts the earlier US-Iran agreement and heightens market uncertainty.

IEA Cuts 2026 Global Oil Demand Forecast by 1.1 Million Barrels Per Day

The IEA’s monthly report projects a year-on-year demand drop of 1.1 million bpd in 2026, a downward revision of 700,000 bpd from its May forecast, mainly driven by high Q2 oil prices and supply disruptions. A demand rebound of 2 million bpd is expected in 2027.

OPEC Secretary-General Refutes IEA’s Claim of Severe Oil Glut

The OPEC Secretary-General dismissed the IEA’s outlook of a substantial oil surplus in 2027. OPEC released its World Oil Outlook 2050, stating the global petroleum industry requires USD 17.7 trillion in investment between 2026 and 2050.

Domestic Refined Oil Prices Slashed Sharply on June 18; No.92 Gasoline Down RMB 0.41 Per Liter

China’s NDRC cut gasoline and diesel prices by RMB 515/495 per tonne on June 18, with No.92 gasoline falling RMB 0.39–0.41 per liter. This marks the third price reduction this year, aligned with falling international crude prices.

Fed Holds Interest Rates Steady for Fourth Time, Hints at Potential Hikes Within 2026

The Federal Reserve maintained benchmark rates in June, yet its Summary of Economic Projections signaled possible rate increases later this year. The Dow Jones fell 0.98%, S&P 500 dropped 1.21%, and Nasdaq slid 1.34%.

Lubricant Industry News

Singapore Base Oil Exports Rebound in First Half of June

Per Base Oil News, Singapore’s base oil export volumes improved as of June 17 after hitting a six-year low in May. South Korea’s May base oil shipments to the US surged, widening the Group III supply gap and accelerating inflation in US domestic base oil prices for May.

Yongwanfeng Group Unveils Dual-Brand Lubricant Strategy

On June 16, Yongwanfeng launched its dual-brand strategy and official online store at its R&D base in Zhaoqing, Guangdong, with clients nationwide in attendance. The initiative aims to expand market reach and boost channel competitiveness.

South American Market

Vickers Oils Launches Four New Wire Rope Lubricants

Vickers Oils released four new wire rope greases, extending its BIOGREASE EP2 range to non-marine sectors. The VICKERLUBE BIO LV WRL is a biodegradable low-viscosity product catering to rising environmental compliance demands.

African Market

MOTA 2026 – 9th Mining On Top Africa Summit to Be Held in Paris in July

Scheduled for July 7–8 in Paris, the 9th MOTA Summit carries the theme “Securing Africa’s Mining Future: Sovereignty, Sustainability and Global Partnerships”. Mining remains a key consumption segment for lubricants across Africa.

Russian Market

Russia Cuts Crude Exports in June, Boosts Refinery Runs to Ease Fuel Shortages

Russia’s daily crude exports from western ports fell from 2.5 million bpd in May to 1.7 million bpd in June. Refinery throughput was raised by 250,000–400,000 bpd to mitigate domestic fuel shortages. Novak acknowledged a decline in national oil output for 2026 for the first time.

South Asian Market

India’s April Auto Sales Surge 25% YoY, Driving Sustained Lubricant Demand

Wholesale automobile sales in India reached 442,000 units in April 2026, a 25% year-on-year jump and a fourth consecutive April record high. Maruti Suzuki captured a 42.5% market share with 35.3% growth. Rising vehicle parc fuels steady lubricant consumption growth.

Malaysian Market (Marine Lubricants)

MIMEX 2026 – Malaysia International Maritime Exhibition Scheduled for November in Kuala Lumpur

The 4th MIMEX will run November 17–18, 2026, at the Kuala Lumpur Convention Centre, covering 16,000 m² with 285 exhibitors and 15,000 visitors. It serves as a vital Southeast Asian platform for marine industry and marine lubricant trading.

AIDA Cruises Names Port Klang Homeport to Boost Malaysia Tourism Year

AIDA Mediterranea will operate eight voyages departing Port Klang from November to December, covering Penang, Langkawi and Phuket. Expanded cruise activity lifts bunkering demand at Port Klang, benefiting the marine fuel sector.

Lubricant Basic Knowledge

Abnormal Equipment Noise May Stem From Incorrect Lubricant Selection

Unusual operational noise in machinery is frequently caused by improper lubrication. Too-low viscosity fails to form a protective oil film, leading to direct metal contact and accelerated wear; oil oxidation can also generate deposits that trigger rattling or grinding sounds. Selecting the correct viscosity and performance grade often delivers greater cost savings than mechanical repairs.

Customer-Focused Popular Science

Four Core Oil Analysis Indicators: Viscosity, Total Acid Number, Water Content, Particle Count

• Viscosity shifts signal oil degradation or fuel dilution; fluctuations within ±10% are deemed normal.

• Rising TAN (Total Acid Number) indicates excessive oxidative deterioration requiring an oil change.

• Water content above 0.1% breaks down lubricating films and speeds up component abrasion.

• Particle contamination is graded per ISO 4406 standards.

Joint testing of these four metrics enables equipment fault early warning 3–6 months in advance.

Sales & Technical Training

Featured Technology (Monday Session: Oil Analysis & Testing)

Combined GC-MS and NIR Technology Delivers ppm-Level Lubricant Analysis Precision

Gas Chromatography-Mass Spectrometry (GC-MS) simultaneously identifies hundreds of oil components with ppm-level detection limits. Near-Infrared Spectroscopy (NIR) leverages spectral databases for non-destructive rapid screening, cutting single-test duration from hours to minutes. Their combined application drastically elevates the efficiency and accuracy of base oil quality control.

Online Oil Condition Monitoring: From Periodic Sampling to Real-Time Early Warning

Techchemics advances real-time online lubricant monitoring systems. Sensors continuously track viscosity, acid value, water content and metallic wear debris, with cloud-based analytics predicting abnormal component wear 3–6 months ahead and lowering unplanned downtime and maintenance expenditure.

Recommended Videos

1. Classification, Core Functions and Application Scenarios of Lubricants

2. Lubricant Fundamentals Crash Course: Detailed Breakdown of Five Core Functions – Lubrication, Cooling, Sealing, Anti-Corrosion & Vibration Damping

3. Types and Performance Effects of Mineral Flotation Collectors

4. Classification of Mining Flotation Reagents: Oxide Ore Collectors, Sulfide Ore Collectors & Carbon Collectors