· Asia: Regional supply stayed high in November, but stronger demand narrowed the surplus, supporting base oil margins.
· India: Lubricants demand rose for a sixth straight month in December, lifting 2025 consumption to a record and sustaining strong import demand.
· Turkey: Group I base oils imports rebounded to a six-month high in November as buyers turned to Russia, Italy and Egypt to offset a slump in domestic supply.
· Italy: Lubricants demand extended its recovery in November, adding to signs of stabilisation across Europe.
· Brazil: Base oils imports stayed elevated in December on strong US inflows, pointing to looser supply conditions in early 2026.
· Global cargo flows: Fresh cargoes moved from Taiwan into Southeast Asia, South Korea and UAE shipments headed to the US, and US exports were set to reach Nigeria and India.