As the European, Middle Eastern and African base oil markets move into February, there are still no signs of a market resurgence. With but a few exceptions, there has still been no rush by lubricant blenders to replenish base oil inventories, even though those must be at their lowest levels.
In South Africa there appears to be a constant relatively high demand for all types of base oils, and majors such as ExxonMobil and Chevron are ensuring that stocks are maintained during Southern Hemisphere’s summer months. Ships are continually leaving European and U.S. Gulf Coast ports with larger than normal parcels of all API categories of base oils.
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