After a long, large run-up from the spring of 2020, base oil prices in Europe began retreating since summer, indicating that supply is catching up with demand following the disruption of COVID-19. But API Group I prices have fallen much faster than Group II or Group III, and an analyst from Argus Media told an industry conference recently that prices for the three categories will be less tethered going forward and based more on their own supply fundamentals.

Russian finished lubricant production has been sluggish and stood at about 1 million tons in the first eight months of 2021 as the economy recovers very slowly from the recession and as industrial output stagnates, according to a market report. Automotive engine oils, transmission fluids and hydraulic oils are the only product categories that have seen significant growth during this period, while all others stagnated or declined, said B2X, the Moscow-based consultancy.

The lubricants and greases segment of Nigerian blender and distributor Ardova Plc posted an increase in net profit and a more than 60% jump in sales revenue for the quarter ending Sept. 30, compared to the same period in 2020, according to the company’s financial statements.