There appears to be a growing void within the EMEA base oil markets. Buyers are seeking price reductions based on lower crude and feedstock levels, while sellers counter that they do not have high inventories and their price offers have only marginally moved off the highs.
Local buyers and blenders are shopping for alternative supplies and their inventories are still relatively high, since finished lubricant sales are lower because of European economic contagion. For example, Black Sea sellers have been offering material into Greece and North Africa, since there is little interest from Turkish buyers.
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