Europe’s Group I base oils accounted for a shrinking share of the region’s supply in 2023 as falling availability coincided with rising requirements and supplies of premium-grade base oils.The dynamic is likely to continue this year, with the imminent closure of another Group I base oils plant in the region.Supplies of premium-grade base oils by contrast are increasingly readily available.Tightening supply of Group I base oils could in turn speed up moves by blenders to use more premium-grade base oils because of concern about regular availability of supply.Europe’s Group I base oils supply of around 2.0mn t in 2023 accounted for less than 37pc of the region’s supply of paraffinic base oils.The share remained the largest. But it was down from more than 38pc of total supply in 2022 and close to 40pc of the total in 2021. Group III base oils accounted for the second-largest share of supplies in 2023 with more than 32pc of the total.The share rose more than 31pc in 2022 and less than 30pc in 2021 to a record high.Group II base oils accounted for close to 31pc of Europe’s total supplies in 2023, up from close to 30pc of the total the previous year.Plentiful global supplies of Group II and Group III base oils increased the incentive for refiners to increase their share of Europe’s market as Group I supply continues to dwindle..Europe’s December Group I supply rises.Europe’s December Group II supply falls.Europe’s Dec Group III supply rises
Europe’s Group I base oils accounted for a shrinking share of the region’s supply in 2023 as falling availability coincided with rising requirements and supplies of premium-grade base oils.The dynamic is likely to continue this year, with the imminent closure of another Group I base oils plant in the region.Supplies of premium-grade base oils by contrast are increasingly readily available.Tightening supply of Group I base oils could in turn speed up moves by blenders to use more premium-grade base oils because of concern about regular availability of supply.Europe’s Group I base oils supply of around 2.0mn t in 2023 accounted for less than 37pc of the region’s supply of paraffinic base oils.The share remained the largest. But it was down from more than 38pc of total supply in 2022 and close to 40pc of the total in 2021. Group III base oils accounted for the second-largest share of supplies in 2023 with more than 32pc of the total.The share rose more than 31pc in 2022 and less than 30pc in 2021 to a record high.Group II base oils accounted for close to 31pc of Europe’s total supplies in 2023, up from close to 30pc of the total the previous year.Plentiful global supplies of Group II and Group III base oils increased the incentive for refiners to increase their share of Europe’s market as Group I supply continues to dwindle..Europe’s December Group I supply rises.Europe’s December Group II supply falls.Europe’s Dec Group III supply rises
