Base oils and waxes
Overview
As the world pivots towards decarbonisation, challenges and opportunities loom for base oils production and demand. Staying on top of this market is more important than ever to realise these opportunities and mitigate pricing risk.
Base oils market participants trust Argus to help them stay up to date on the latest developments and implications for their markets. Whether referring to our spot price assessments or attending our conferences, our insights keep you ahead of the curve.
Our base oils and waxes market intelligence includes weekly global price and market reports, price forecasts and outlooks, as well as conferences and networking events.
Latest base oils and waxes news
Browse the latest market moving news on the global base oils and waxes market.
India’s base oil imports fall in November 2024
India’s base oil imports fall in November 2024
Singapore, 3 February (Argus) — India's base oil imports fell to 202,580t in November 2024, down by 5.4pc from a year earlier, data from GTT show. Imports in November decreased for the second consecutive month from September 2024. But import volumes in January-November 2024 were 19pc higher compared with a year earlier. Production at domestic refineries increased in November as plants were restarted after maintenance. The demand for finished lubricants was weaker than expected after the Diwali festival, which took place on 31 October 2024. This could be because of a slowdown in India's economic growth. India's GDP is estimated to grow by 6.4pc in the April 2024-March 2025 financial year, down from 8.2pc a year earlier, government data show. Base oil imports from South Korea fell by 28pc on the year in November but rose by 35pc on a year-to-date basis. Imports from the UAE increased significantly on the year in November. The UAE mainly produces premium-grade base oils. By Chng Li Li India base oils imports (t) Nov-24 m-o-m ± % y-o-y ± % Jan-Nov 24 y-o-y ± % South Korea 91,872 18.0 -28.2 1,067,245 35.0 UAE 27,830 43.3 61.5 248,980 24.1 Saudi Arabia 21,675 -24.0 9.5 225,649 -11.4 Singapore 18,138 -51.9 -6.2 357,943 21.5 Taiwan 13,005 -41.9 NA 101,656 18.2 Total 202,580 -5.5 -5.4 2,511,889 18.5 *Total includes all countries, not just those listed Source: GTT Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
South Korea’s base oil exports slip in December
South Korea’s base oil exports slip in December
Singapore, 3 February (Argus) — South Korea's base oil exports dropped in December, while total volumes over 2024 held steady compared to 2023, GTT data show. Exports dropped in December on the back of a seasonal slowdown in demand and lower refinery runs . India remained the top buyer in December and took 27pc of total South Korean cargoes, followed by China and southeast Asia which each absorbed 17pc of total exports. Volumes to China rose on the month, likely boosted by restocking efforts to secure cargoes for delivery before the lunar new year holiday on 28 January. But total shipments to China fell by 30pc on the year in 2024, reflecting growing domestic production capacity of premium grade base oils that curbed China's appetite for imported supplies. US purchases dropped by almost 50pc on the month in December, while full-year volumes were down by 10pc compared to 2023. The US typically imports Group III base oils from South Korea, but import interest fell as some US Group II refiners prioritised Group III production given higher margins. Relatively higher Group III prices in the US also attracted more Group III offers from the Mideast Gulf. Lower exports to the US and China were partially offset as sales to Europe climbed by 74pc on the year in 2024. Volumes to Europe fell by 40pc on the month in December, but remained above the five-year monthly average of 18,800t. Europe continues to offer the highest delivered prices for Group III base oils globally. By Tara Tang South Korea's base oil exports t Dec m-o-m ± % y-o-y ± % Jan-Dec'24 y-o-y ± % India 78,837.3 -10.4 -0.6 1,047,155.1 20.6 China 50,003.2 46.2 -39.2 499,785.6 -29.8 US 36,151.8 -47.5 -56.5 593,242.2 -10.4 Singapore 16,020.2 -31.7 -15.2 250,742.6 7.3 Total 290,104.6 -24.2 -24.0 4,170,952.7 -0.5 Source: GTT Total includes all countries, not just those listed Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US base oil exports to Mexico hit record high
US base oil exports to Mexico hit record high
Houston, 31 January (Argus) — US base oil and lubricant exports increased in October because of steady domestic production, weaker demand and an effort by refiners to reduce inventories. A record-high volume went to Mexico, the biggest export outlet for US refiners. Base oil and lubricant exports totaled 4.07mn bl (113,355 b/d) in October, up by 33pc from year-earlier totals of 3.07mn bl, according to the Energy Information Administration (EIA). Domestic exports also rose by 16pc month-over-month from 3.52mn bl in September. Export demand picked up in October because refiners pushed more surplus into the global market in efforts to balance inventories ahead of the year-end. Minimal production issues from the US Atlantic hurricane season lengthened domestic inventories and added further downward pressure on pricing. US base oil exports to Mexico rose to a record-high 2.01mn bl from 1.54mn bl a year earlier, an increase of 26pc. Monthly exports also climbed by 85pc from September levels of 1.09mn bl. The previous record high for base oil and lubricant exports to Mexico was 1.93mn bl in March 2024. October was the first month when more than 2mn bl of exports went to Mexico. Diesel prices in Mexico rose in October, creating a wider arbitrage for low-viscosity Group II base oils to target the Mexican diesel extender market. Base oil exports to Brazil, the second-highest recipient, rose to 399,000 bl in October, up by 11pc from 358,000 bl a year ago. Exports rose by 47pc from September levels of 272,000 bl. Demand from Brazil remained strong for Group II grades and was firmer for Group III grades because of lower Group III prices from US sellers. Base oil exports to Belgium, France and the Netherlands fell to 158,000 bl in October, down by 72pc from 568,000 bl in September. Base oil exports to Belgium, France and the Netherlands totaled 158,000 bl in October, an 18pc decline from year-earlier levels. Monthly exports also fell 72pc from 568,000 bl in September. Export demand for US volumes into Europe was weaker because of ample supplies in the region and lower demand ahead of year-end inventory destocking efforts. Exports to India in October were 14,000 bl, an 81pc decrease from September levels of 74,000 bl. US refiners declined to target the India market because of lower prices being offered by South Korean refiners into India. Base oil exports to Nigeria rose to 213,000 bl, more than four times September levels of 53,000 bl as lower freight to Africa compared with India made it a more attractive market. By John Dietrich and Karly Lamm Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Vertex exits from bankruptcy as private company
Vertex exits from bankruptcy as private company
Houston, 22 January (Argus) — Specialty refiner Vertex Energy has exited from chapter 11 bankruptcy as a private company owned by some of its lenders. Vertex will operate as a privately-held company owned by lenders including funds managed by BlackRock Financial Management, Highbridge Capital Management, Whitebox Advisors, and CrowdOut Capital. Vertex said today that it exited bankruptcy with a commitment of up to $100mn in financing and a strengthened balance sheet following the deleveraging of $320mn of prepetition debt. Vertex filed for bankruptcy in September 2024 after pausing renewable fuels production at its 88,000 b/d Mobile, Alabama, refinery earlier that year. Refiners have faced mixed fortunes in recent years with their investments in renewable fuels after a glut of new supply flooded markets and depressed renewable credit prices. The company "plans to pursue growth, stability and long-term value," Vertex said. The company also announced the appointment of industry veteran Mark Smith as its chief executive. Smith was previously chief executive at Philadelphia Energy Solutions and president of Western Refining. Vertex also named a new board of directors. Vertex, which purchased the Mobile refinery from Shell in 2022, produced its first barrels of renewable diesel in May 2023 following a hydrocracker conversion. It has since returned the hydrocracker to processing crude feedstocks. Vertex also operates a refinery near New Orleans, Louisiana, that produces low-sulfur vacuum gas oil (VGO) and multiple used motor oil (UMO) processing plants and collection facilities along the Gulf coast. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Explore our base oils and waxes products
Regular price and market insights, from spot prices to forecasts, for the global base oils and waxes markets.
Key price assessments
Argus prices are recognised by the market as trusted and reliable indicators of the real market value. Explore some of our most widely used and relevant price assessments.
