Base Oils and Lubricants: Weekly Global Market Review - 27 Mar '26

Middle East supply disruption moved from forward risk to present reality, with Singapore's exports reversing a six-year high and pointing to feedstock disruption beginning to squeeze Asian output

Saudi Arabia cargoes head to India amid halted Middle East flows, with further shipments set to load, underlining its role as the only active base oils export source in the region

India's February Group II light-grade imports fell for a fourth month, while high diesel margins raised the prospect of supply cuts from South Korea, India's largest source

China's February base oils demand stayed unusually high for a second month, with stock-building leaving it better positioned than most to absorb Middle East disruption

Asia's exports to the Middle East fell to a six-month low in February, squeezing regional stocks as the Hormuz disruption halted any further replenishment

Global Group III imports from the Middle East hit a ten-month high in January, boosting stocks and delaying but not preventing the supply shortfall expected in Q2

Base oils exports to Africa fell to a two-year low in January and Europe's Group I exports extended their fall, cutting supply buffers as Middle East disruption took hold