Despite apparent shortages and some players expectations, prices have remained almost static within EMEA base oil markets.
The usual export markets of West Africa, Middle East Gulf, and west coast India have seen a number of enquiries, but buyers in export destinations are looking to alternative options-such as an enquiry for a 13,000 metric ton parcel from the U.S. Gulf Coast to Nigeria. This confirms a possibly subsiding European API Group I supply. Combined with production cutbacks and turnarounds, this may suggest its a critical time for the market.
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