Never has the significance of globalization been more evident than at the current time, when a deadly and highly infectious virus has managed to wreak havoc in a vast majority of nations, regardless of the political stance, religious beliefs, ethnic background and economic standing of their population.
The actions of a few may shape the fate of many others. Within the base oil industry, the measures taken by producers and rerefiners in one region as they dealt with the effects of the pandemic at home affected other regions significantly.
A majority of refiners dialed back refinery runs in the second quarter of 2020 in response to the dramatic drop in fuel demand caused by lockdowns and stay-at-home orders. Many refineries that house base oil plants saw base stock production plummet.