![base oil lubricant](/_next/image?url=%2F-%2Fmedia%2Fproject%2Fargusmedia%2Fmainsite%2Fimages%2F02-oil-products%2Fmarket%2Fdesktop%2Fherobanner1600x530_baseoilsandwaxespage.jpg%3Fh%3D530%26iar%3D0%26w%3D1600%26rev%3D-1%26hash%3D18B3F432401D47BA0C7D760BD4A607AA&w=3840&q=75)
![](/_next/image?url=%2F-%2Fmedia%2Fproject%2Fargusmedia%2Fmainsite%2Fimages%2F02-oil-products%2Fmarket%2Fmobile%2Fherobanner390x620_baseoilsandwaxespage.jpg%3Fh%3D620%26iar%3D0%26w%3D390%26rev%3D-1%26hash%3DE451F9FCB342602ADF996C6D430B2411&w=828&q=75)
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.
Thailand’s base oil imports fall in April
Thailand’s base oil imports fall in April
Singapore, 11 June (Argus) — Thailand's base oil imports fell after a brief recovery in March, according to GTT data, on the back of reduced intake from South Korea. Imports were 18pc below the five-year monthly average of 32,100 kilolitres (28,300t), although they were more comparable to the 12-month average of 28,500 kl. Thailand mainly sought supplies of Group II and III base oils, with shipments from South Korea and Qatar making up 54pc of the total. South Korea and Qatar predominantly export premium-grade base oils, while Thailand produces Group I grades. South Korean cargoes fell as its supplies tightened on the back of a Group III plant shutdown from mid-March to late April. Supplies from Singapore also edged down, as they were diverted to India that maintained firm finished lubricants demand . By Tara Tang Thailand base oil imports (kl) Apr '24 Mar '24 Mar '23 m-o-m ± % y-o-y ± % South Korea 11,397 17,611 18,091 -35.3 -37.0 Singapore 9,461 11,604 9,350 -18.5 1.2 Qatar 2,808 3,347 1,381 -16.1 103.3 Japan 2,390 321 3,578 643.5 -33.2 Total 26,427 33,660 33,077 -21.5 -20.1 Source: GTT Total includes all countries, not just those listed Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Brazil's 1Q base oils output rises by 21pc
Brazil's 1Q base oils output rises by 21pc
Sao Paulo, 10 June (Argus) — Brazil's first quarter base oils production increased by 21pc from the same period in 2023, according to hydrocarbons regulator ANP. January-April output increased to almost 210,000 metric tonnes (t) this year. Production reached nearly 49,000t in April, an 8pc increase from the same month last year, but a 6pc tumble from March. The 239,000 b/d Reduc refinery, in southeastern Rio de Janeiro state, produced nearly 39,700t of base oils in April, a 10pc hike from the same last year, but an 8pc drop from March. The unit was responsible for 81pc of Brazil's total production in April. Petrobras' 8,000 b/d Lubnor naphthenic base oils unit produced almost 4,780t, up by 19pc from April 2023 and a 1pc dip from March. The 300,000 b/d Mataripe refinery — owned by Acelen, the Brazilian refining subsidiary of Abu Dhabi's Mubadala — produced around 4,510t in April, a 2pc increase from a year earlier, but a 5pc drop from March. By Julio Viana Jan-Apr brazilian base oils production t Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US base oil production up 30pc in March on year
US base oil production up 30pc in March on year
Houston, 10 June (Argus) — US base oil and lubricant production in March rose by 30pc from year-earlier levels as refiners faced more pressure to prioritize output over competing fuels. Base oil and lubricant output was 165,290 b/d in March, up by 30pc from 127,129 b/d a year prior, according to the US Energy Information Administration (EIA). Production fell by 1.2pc from 167,379 b/d in February. Total base oil and lubricant production was 5.12mn bl in March, the highest output since 5.22mn bl in June 2022. Production rose from year-earlier levels as domestic values for US Gulf coast (USGC) diesel were more than 10¢/USG lower than 2023 levels. This pushed refiners to maximize base oil output in March 2024 even as more base oil volumes were pushed into the export market. Base oil exports totaled 4.7mn bl in March, more than double the domestic consumption of 2.3mn bl. Base oil production in March fell from the prior month as some refiners worked to increase output of Group III base oils, which lowers the overall base oil yield compared with Group II production. US paraffinic base oil production in March was 140,355 b/d, down by 1pc from 141,793 b/d in February. Production rose by 33pc from 105,710 b/d a year prior. USGC paraffinic production rose to 3.93mn bl in March, up from 3.27mn bl in February. Output in the Texas Gulf coast rose to 1.63mn bl from 1.54mn bl in February. Production in the Louisiana Gulf coast rose to 1.59mn from 1.54mn bl. Paraffinic base oil production in the US Midcontinent in March 190,000 bl, down from 218,000 bl in February. Production in the US Atlantic coast (USAC) was 188,000 bl, up from 174,000 bl. US naphthenic base oil production in March fell from February levels on some unplanned maintenance at a key refinery. Production rose from year-earlier levels on firming margins and strong demand, particularly for low-viscosity naphthenic grades. March naphthenic base oil production was 24,935 b/d, down by 2.5pc from February levels of 25,586 b/d. Production was up by 16pc from year-earlier levels of 21,419 b/d. Total naphthenic production was at its highest since September. By Karly Lamm and John Dietrich Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
UK base oil output drops to record lows: 4Q 2023
UK base oil output drops to record lows: 4Q 2023
London, 5 June (Argus) — UK base oil and finished lubricant output fell to record lows in the fourth quarter of 2023 following a refinery maintenance, while imports rose as buyers looked to cater to rising demand. UK production in the fourth quarter of 2023 dropped 70pc below the 10-year average of 84,200t, according to Government data. This marks the lowest output for a final quarter of the year, since Argus records began. Output likely fell because of planned maintenance at ExxonMobil's 407,000 t/yr Group I plant at Fawley, the largest base oil plant in the UK. A cut in production likely spurred on a rise in imports as buyers looked to alternative suppliers for material due to tighter domestic availability. Belgium and German imports rose 54pc and 70pc to 31,080t and 10,500t on the year, respectively. And competitive base oil spot prices likely supported an uptick in sales which rose on the year in the final quarter of 2023. The average Argus assessed Group I SN 150 fob Domestic price, dropped in the final quarter of 2023 by 11.5pc on the year to $1,054/t. By Christian Hotten UK base oils and finished lubricant t 4Q-2023 4Q-2022 ±% Production 25,050.0 81,170.0 -69.0 Demand 95,160.0 75,970.0 25.0 Imports 68,000.0 50,750.0 34.0 UK government Send comments and request more information at feedback@argusmedia.com Copyright © 2024. 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.
![people smiling at a board room](/_next/image?url=%2F-%2Fmedia%2Fproject%2Fargusmedia%2Fmainsite%2Fenglish%2Fimages%2Fpeople%2Fcontact-us-forms%2Fcontact-us-form-people-01.jpg%3Fh%3D530%26iar%3D0%26w%3D1600%26rev%3D-1%26hash%3D15ADB845C50D6050F16F434C347C419B&w=3840&q=75)