· India: Base oil imports fell to a 10-month low in December even as lubricant demand rose, increasing pressure on blenders and reliance on imports.
· Singapore: Total 2025 base oil exports hit a six-year high, led by robust demand from Southeast Asia.
· Middle East: Asia’s base oil exports dropped to a four-month low in December after a Q4 surge that bridged Saudi maintenance disruptions. Flows likely to stay softer near term.
· Europe: Group III supply stayed below normal for a second month, while Group I exports slid to a six-month low — tightening regional balances.
· Americas: South Korean exports to the US fell to a 20-month low as rising Canadian supply intensified competition in the US base oil market.
· Global trade flows: Increased shipments from Taiwan, a restart of Saudi cargo loadings, and growing US exports to India are set to boost competition across key markets.