Volume 9 Issue 34
Lubricant demand in India – including process oils – rebounded to 2.8 million metric tons in 2021 and is expected to grow at a compound annual rate of 2% through 2026 to around 3 million tons, consultancy Kline & Co. projected. Factors driving recovery from impacts of the coronavirus pandemic included a rebound in demand for lubes used in two-wheelers and off-highway vehicles.
South Korea exported 7% less base oil in July than in the same month last year, but the declared value of those oils was 25% higher, according to data released by the Korea Customs Service. The nation shipped out 391,913 metric tons of base oil in July, compared to 422,170 tons in the same month last year. July's total was the highest export volume since last December, when exports totaled 408,826 tons.
Thai Oil reported that net profit for its base oil business fell 60% in the second quarter, compared to the same period last year. Sales were pressured by competition from plants that reopened following maintenance shutdowns, the company said, noting that average base oil prices and the spread over fuel oil declined year-on-year because of a tightened market during that period last year.