India’s base oils supply exceeded demand for a fourth month in July and by its widest margin in two years.Base oils supply, or domestic production and imports combined, rose to a four-month high of than 450,000t in July, government and customs data showed.Domestic and overseas lube demand fell to less than 345,000t in July, down from more than 370,000t the previous month.The surplus of supply over demand rose in response to close to 110,000t.The volume rose from around 70,000t in June and 30,000t in May.The surplus rose as buyers took advantage of competitive overseas prices to lock in a swathe of base oils supplies from sources like the US and Thailand..India’s July base oils supply rises
