Europe’s Group I base oils supply recovered in July from a multi-year low the previous month.The region’s base oils supply of more than 136,000t in July rose from close to 86,000t in June.The July volume was still lower than usual and down from typical levels of more than 151,000 t/month in the year to May.The base oils volume was derived from five key suppliers in Europe combined with imports from Russia.Total supply of around 1mn t in the first seven months of the year was down from around 1.05mn t during the same period last year.Europe’s Group I base oils prices surged in first-half 2022 in response to tight supply, ICIS data showed.Regional base oils prices also rose in first-half 2023, but much less strongly..Italy’s July base oils output stays low.UK’s July base oils supply rises.Spain’s July base oils supply rises
