Base Oils and Lubricants: Weekly Global Market Review - 30 Apr '26

Asia's strong Q1 demand absorbed available supply, limiting restocking capacity heading into the second quarter

South Korea's elevated March output and exports met peak demand — but maintenance and fuel prioritisation pointed to a marked Q2 slowdown

Taiwan and South Korean flows slowed in April, pointing to that slowdown feeding through

India's record March output still lagged demand, sustaining import reliance as global supply tightened and prices rose

Lubricants demand surged to multi-year highs across Italy, Brazil and Argentina in March — pulling forward demand and depleting upstream inventories

Brazil faced tight conditions — low output and demand strength widened the supply shortfall

Argentina's April export cargo pointed to sufficient domestic supply and a move to tap surging overseas prices

Saudi Arabia redirected elevated Red Sea exports toward India and Europe, tapping tight fundamentals and higher prices