Volume 5 Issue 18
Base oil production in the United States rose by 34% in February, compared to the same month last year, a U.S. government agency reported last week. Output for the month was 4.6 million barrels, compared to 3.4 million barrels in the same month last year and to 3.7 million barrels in February 2020, Sequentially, February’s volume was virtually unchanged from 4.6 million barrels in January.
Afton Chemical parent company NewMarket Corp. reported an 8% drop in operating profit for its petroleum additives business, stating that cost increases outpaced the company’s ability to raise prices on its own products. NewMarket, which is based in Richmond, Virginia, did not say if it plans further price hikes, but officials did say they will focus on improving profit margins, which averaged 13.2% during the three months ended March 31.
The May issue rallies around sustainability. Learn about how the lubricants industry is adopting socially sustainable business practices, the nuanced differences between sustainable and bio-based lubricants, and the work that the American Petroleum Institute is doing to quantify lubricant carbon footprints. Plus, discover how one additive manufacturer is beefing up its testing protocols to ensure that new lubricant formulations meet ever-rising performance standards.
Brazilian energy company Raizen said last week that it completed its acquisition of Shell’s lubricant business in Brazil, which it agreed to purchase last June. The deal gives Raizen, a joint venture between Shell and sugar processor Cosan, control of a business that claims more than a seventh of the country’s finished lubes market.