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Asia Base Oil Price Report

Demand for base oils and lubricants has improved in Asia, but COVID-19 infection spikes, growing unemployment rates and economic contraction in some countries are still hobbling a steady recovery.–By Gabriela Wheeler

Asia Base Oil Price Report

While fundamentals in Asia improved, the market continued to be plagued by uncertainties as COVID-19 cases spiked in some countries, and the gradual reopening of business did not necessarily lead to an increase in demand for lubricant products given that consumer confidence remained vulnerable.

Asia Base Oil Price Report

A slightly better supply-demand balance supported firming spot price indications in Asia, although producers still faced resistance due to uncertainties in downstream lubricant applications as several countries were not out of the woods yet in terms of Covid-19 infections.– by Gabriela Wheeler

Asia Base Oil Price Report

Sentiment was less positive this week amid renewed concerns of a second coronavirus wave and a World Bank forecast that the pandemic would make the global economy shrink by 5.2 percent this year – marking the deepest recession since World War II.– by Gabriela Wheeler

Asia Base Oil Price Report

The coronavirus specter was still looming over business in Asia, with some countries still under partial lockdowns and others on alert as new infection spikes have surfaced. Nevertheless, market participants remained cautiously optimistic that the gradual return to activities would result in improved demand for base oils and lubricants.–by Gabriela Wheeler

Asia Base Oil Price Report

Prospects of a swift recovery for the battered base oil market appeared slim; instead, a majority of participants expected a gradual process stretched over the next few months as most economies reopened following coronavirus-related lockdowns.–by Gabriela Wheeler

Asia Base Oil Price Report

With many of the world's economies hitting a reset button and reopening to business following Covid-19 related lockdowns, base oil market participants expected a gradual, but very subdued, increase in activity levels for producers, blenders, lubricants and additives manufacturers.–by Gabriela Wheeler

Asia Base Oil Price Report

There was guarded optimism that the phased reopening of businesses and easing of lockdowns in Asia would lead to an increase in base oil and lubricants market activity, but any significant changes were not expected to be noted for several months.–by Gabriela Wheeler

Asia Base Oil Price Report

The gradual reopening of businesses and easing of lockdown measures in several Asian countries offered a glimmer of hope as the devastating effects of the Covid-19 pandemic have not only resulted in a staggering death toll, but also in stark implications for most of the world’s economies.–by Gabriela Wheeler

Asia Base Oil Price Report

Activity in the base oils market continued to be constricted by lockdowns and other coronavirus-related measures, as the population was ordered to stay home and vehicle movements have plummeted, resulting in reduced demand for fuels and lubricants.–by Gabriela Wheeler