India’s base oils supply exceeded demand in October for the first time in three months because of a slowdown in domestic lube consumption.Base oils supply, or domestic production and imports combined, rose to more than 400,000t in October, government and customs data showed.Supply rose from less than 375,000t the previous month, when plant maintenance work impacted base oils output.India’s base oils and lube demand, or domestic consumption and exports combined, fell in October to a six-month low of less than 370,000t.Higher supply and lower demand left a supply surplus of more than 30,000t in October.Supply had lagged demand in each of the previous two months and barely exceeded demand in July.The supply shortfall during the third quarter coincided with a rebound in the premium of prices for imported very light-grade base oils versus regional diesel prices..India’s Oct lube demand falls
India’s base oils supply exceeded demand in October for the first time in three months because of a slowdown in domestic lube consumption.Base oils supply, or domestic production and imports combined, rose to more than 400,000t in October, government and customs data showed.Supply rose from less than 375,000t the previous month, when plant maintenance work impacted base oils output.India’s base oils and lube demand, or domestic consumption and exports combined, fell in October to a six-month low of less than 370,000t.Higher supply and lower demand left a supply surplus of more than 30,000t in October.Supply had lagged demand in each of the previous two months and barely exceeded demand in July.The supply shortfall during the third quarter coincided with a rebound in the premium of prices for imported very light-grade base oils versus regional diesel prices..India’s Oct lube demand falls