Global base oils supply fell to a four-month low in October amid a simultaneous dip in output in the Americas, Europe, and Asia markets.Base oils supply in the three regions fell to around 1.90mn t in October, government and industry data showed. The volume fell from more than 1.97mn t the previous month and by 1pc from year-earlier levels.The fall in output for a sixth time in seven months cut total supply to around 20.0mn t in the first ten months of the year.Supply fell from 20.4mn t during the same period a year earlier and from around 21.2mn t during the same period in 2021.Including China and supplies from the Mideast Gulf, total supply fell to less than 2.60mn t in October, from more than 2.64mn t the previous month.Total supply of more than 26.4mn t in the first ten months of the year fell from more than 26.8mn t during the same period in 2022.Lube demand in the world’s key markets showed signs of falling even more sharply than the drop in supply last year.Global base oils prices reflected the weak demand fundamentals. Global base oils values versus feedstock and competing fuel prices fell sharply in 2023 from the previous year, ICIS data showed..Americas’ Oct base oils supply falls.Europe’s Oct supply falls, demand rises
Global base oils supply fell to a four-month low in October amid a simultaneous dip in output in the Americas, Europe, and Asia markets.Base oils supply in the three regions fell to around 1.90mn t in October, government and industry data showed. The volume fell from more than 1.97mn t the previous month and by 1pc from year-earlier levels.The fall in output for a sixth time in seven months cut total supply to around 20.0mn t in the first ten months of the year.Supply fell from 20.4mn t during the same period a year earlier and from around 21.2mn t during the same period in 2021.Including China and supplies from the Mideast Gulf, total supply fell to less than 2.60mn t in October, from more than 2.64mn t the previous month.Total supply of more than 26.4mn t in the first ten months of the year fell from more than 26.8mn t during the same period in 2022.Lube demand in the world’s key markets showed signs of falling even more sharply than the drop in supply last year.Global base oils prices reflected the weak demand fundamentals. Global base oils values versus feedstock and competing fuel prices fell sharply in 2023 from the previous year, ICIS data showed..Americas’ Oct base oils supply falls.Europe’s Oct supply falls, demand rises
