Two suppliers of the key ingredient for high-end motor oil have curbed some deliveries to a bare minimum as the Iran war continues to throw a niche corner of the crude market into disarray.
Chevron Corp. and Saudi Aramco’s Motiva Enterprises LLC both have allocated multiple customers the lowest possible contractually obligated deliveries of Group III and II base oils, according to people familiar with the matter who requested anonymity discussing non-public information.
Base-oil contracts typically include high-, middle- and low-volume delivery options for the supplier. Aside from one-off refinery outages, the people said they couldn’t recall any instances of ...
