Base oil sellers continue moving prices forward, but at the same time, demand has declined in areas such as Turkey and West Africa — areas where continued expansion was thought possible.
The truth of the matter is that demand for finished lubricants in all sectors is dwindling. Poor economic growth throughout Europe is only one of the factors affecting the lubricants markets. Recent events within Cyprus have highlighted again the precarious knife edge on which a number of EU countries are balancing. Other effects are felt from the Middle East, where civil strife continues to grow and is spreading.
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