The Asian base oil market appeared to be gradually returning to a more normal state of affairs, as demand has started to slow down, which typically happens ahead of the holiday period, and some grades have started to lengthen. Consumers and producers focused on lowering inventories for tax purposes and buyers delayed purchases in hopes of securing year-end bargains. At the same time, refiners have increased diesel production in detriment to base oil output because demand and prices for the fuel have strengthened.
The ongoing issues affecting the supply chain such as a lack of raw materials and components, along with transportation delays and increased costs have also had a dampening effect on some lubricant and finished products operations.
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