South Korea’s base oils output fell in February to the lowest in almost two years after regional prices slumped to a steep discount to diesel prices the previous month.The drop in output coincided with a rise in the country’s base oils exports in February.The trend raised the prospect of cutting refiners’ stocks of the lubricant feedstock even amid a gradual recovery in demand in China and steady buying interest in southeast Asia.South Korea’s base oils output of 2.45mn bl (345,000t) in February fell from 2.76mn bl the previous month, according to Korea Petroleum Association.The volume fell by 12pc from year-earlier levels to the lowest since first-half 2021..S Korea’s Feb base oils exports rise
