Base Oils and Lubricants: Weekly Global Market Review - 22 May '26

Asia's export cushion narrowed as South Korea, Taiwan and Singapore flows all weakened simultaneously — leaving global markets with less cover

South Korea's April exports to the US slumped to a near-six-year low — deepening Group III supply risks as Middle East flows stayed halted

Singapore's April imports temporarily eased regional pressure — but softer May exports pointed to the buffer starting to thin

Saudi Arabia's April exports hit an eight-month high — partially covering regional supply gaps in Europe and Asia

Europe’s supply balance stayed tight — lower Italian output in March coincided with stronger lubricants demand and incentives to prioritise diesel production

Demand weakness began emerging alongside tight supply — India's April lubricants demand fell to a 14-month low as high prices and uncertainty weighed on restocking appetite

Latin America's March demand surge left upstream stocks lean — increasing exposure as US supply faced stronger competition from multiple markets