A fuller ban on Russian oil imports to the European Union took effect on schedule last weekend, but the bloc and allies did not include base oils on the list of products covered by price caps when exported to other nations. One analyst said the ban could raise base oil prices in the EU.

BP reported today that profits for its Castrol lubricants business fell 32% in 2022 and dropped 67% in the fourth quarter – due, the company said, to higher input costs, ongoing COVID restrictions (notably in China) and adverse foreign exchange impacts.

The February issue features a special report on base stocks. Find out which obstacles oleochemical suppliers are facing as they toss their hats into the base stocks ring, how base oil trading patterns have shifted in the past few decades, and what the future of base stock production looks like in Latin America. 

Germany's domestic lubricant demand decreased 4% to 55,842 tons in November, according to data released Feb. 1 by a German government agency. The total excludes base oils, base oil refining extracts and industrial oils not used in lubrication. Volumes sank for most industrial lubes, offsetting increases for automotive products.