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Base oil production in China has largely returned to normal levels, but demand in other parts of the world is still down significantly because of the Covid-19 pandemic and may not recover much until late in the year, according to industry insiders and an analyst speaking at a webinar Wednesday.
The economic crises created by the Covid-19 pandemic will probably trigger an overdue consolidation of global base oil capacity, an official from Solomon Associates said during a webinar last week.
Officials in Venezuela’s embattled government have drafted a plan to restructure the country’s sacred national oil company, Petroleos de Venezuela S.A., proposing among other things to create a Russian subsidiary that would absorb at least a stake in Nynas AB.
Shipments of castor oil derivatives are flowing from India once again, easing availability of popular grease additives after supplies were constrained last month by a lockdown meant to combat Covid-19.
Several major and independent lubricant marketers have reduced prices on finished products in the United States in recent weeks. Industry insiders said the move was predictable given recent reduction in base stock prices and complicated in some cases by measures taken to combat the Covid-19 pandemic.
Hin Leong Trading, the giant oil trader at the center of one of Asia’s biggest current business scandals, is also a lubricants supplier with a plant in Singapore and a grease and a lubricant plant in China.