Whats new this week in European, Middle Eastern and African base oil markets? The answer depends on which base oils one speaks of.
API Group I base oils have ample availabilities against weak demand – a combination that has producers assessing ways to trim production. At the same time, Group II availability is snug enough to be exerting upward pressure on prices. Delivery prices for Group III oils are moving slightly higher, though this does not seem to have affected values for sales within Europe.