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Base Oils and Lubricants: Weekly Global Market Review - 27 Feb '26

Iain Pocock

  • India January imports drop to a 17-month low as Middle East shipments slump — tighter domestic supply may trigger stronger pre-season buying.

  • Asia exports to the Middle East stay elevated despite Saudi plant restart, signalling resilient demand.

  • Singapore domestic exports surge to an 11-month high, pointing to a potential regional supply shift.

  • US December exports diverge: Europe & South America up sharply; Mexico & India remain weak.

  • Latin America lubricants demand hits a two-year low, widening surplus risks into early 2026.

  • Global cargo flows show Asia-China rebound, premium-grade exports from Spain rise, and Argentina shipments resume.

Global Base Oils Supply-Demand Balance Tightens In January

S Korea’s March Exports To Middle East Pause; First Since 2013

South Korea’s March Base Oils Exports Rebound To Five-Month High

Italy’s February Base Oils Output Extends Recovery

Global Base Oils Supply Near Multi-Year High In January