Asia's strong Q1 demand absorbed available supply, limiting restocking capacity heading into the second quarter
South Korea's elevated March output and exports met peak demand — but maintenance and fuel prioritisation pointed to a marked Q2 slowdown
Taiwan and South Korean flows slowed in April, pointing to that slowdown feeding through
India's record March output still lagged demand, sustaining import reliance as global supply tightened and prices rose
Lubricants demand surged to multi-year highs across Italy, Brazil and Argentina in March — pulling forward demand and depleting upstream inventories
Brazil faced tight conditions — low output and demand strength widened the supply shortfall
Argentina's April export cargo pointed to sufficient domestic supply and a move to tap surging overseas prices
Saudi Arabia redirected elevated Red Sea exports toward India and Europe, tapping tight fundamentals and higher prices