Base Oils and Lubricants: Weekly Global Market Review - 16 Jan '26

·         Asia: Regional supply stayed high in November, but stronger demand narrowed the surplus, supporting base oil margins.

·         India: Lubricants demand rose for a sixth straight month in December, lifting 2025 consumption to a record and sustaining strong import demand.

·         Turkey: Group I base oils imports rebounded to a six-month high in November as buyers turned to Russia, Italy and Egypt to offset a slump in domestic supply.

·         Italy: Lubricants demand extended its recovery in November, adding to signs of stabilisation across Europe.

·         Brazil: Base oils imports stayed elevated in December on strong US inflows, pointing to looser supply conditions in early 2026.

·         Global cargo flows: Fresh cargoes moved from Taiwan into Southeast Asia, South Korea and UAE shipments headed to the US, and US exports were set to reach Nigeria and India.