The EMEA base oil market appears to be changing direction slightly. Conscious of ever-growing optional supply sources and the unprecedented ingress of API Group II and Group III base oils, producers and marketers of Group I are desperate to retain market share.
This is affecting the availability for large sea going export cargoes throughout Europe, the Middle East, and Africa. With reduced production levels, local markets are seen as a priority, where higher realizations and netbacks can be achieved for similar effort.
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