Base Oils and Lubricants: Weekly Global Market Review - 10 Apr '26

Middle East supply disruptions begin to feed through, with Singapore's exports falling to a two-year low in the month to 8 April

Last pre-disruption Middle East cargoes reach the US Gulf coast, with no new Group III loadings since late February

Spain and Indonesia's steady Group III flows point to limited capacity to fill the Middle East supply gap

Asia's base oils exports already fell to a 13-month low in February, tightening regional availability even before the disruptions

India's March lubricants demand rose to a record high, with supply disruptions complicating a restocking round in the second quarter

China's March output rose to a multi-year high, leaving domestic blenders better insulated than rivals in other markets

Europe entered the disruption period with lean stocks following a modest January surplus

Turkey's February imports fell to a four-year low as Russian flows slumped, tightening inventories ahead of wider disruptions

US January consumption extended its rebound to a three-year high, ahead of seasonal stock-building and disruption-driven demand later in the quarter