Base stock sellers and buyers in China now have a platform where they can comingle in search of mutually beneficial deals. Since last month, base stocks are being traded on the Bohai Commodity Exchange, Chinas largest online spot trading exchange.

Saudi Aramco has agreed to buy most of Hanjin Energys stake in S-Oil, according to several reports, giving the Saudi oil company a controlling share in the South Korean refiner.

Gulf Oil Ltd. said late last year that it has entered three more markets - Kazakhstan, South Sudan and Croatia. The Indian lubricants and fuels supplier said those moves are part of its strategy to expand geographically.

Led by healthy appetites in Asia, global demand for general industrial oils is projected to grow from 6.5 million metric tons in 2011 to 7.2 million tons by 2016, according to Kline and Co. Thats an annual growth rate of about 2 percent a year.