EMEA Base Oil Price Report 17.11.20
With most of mainland Europe and key locations in the Middle East and Africa still in some form of lockdown, economies are contracting, eroding demand for finished lubricants or base oils.
However, progress toward one or more vaccines is buoying hope that 2021 will bring a much improved market that benefits all regions. Improvements may come faster than predicted with some players suggesting that there may be a mini-boom before the end of the year.
The justification for this spike may be that refiners may have turned the corner, looking to produce more transportation fuels for the first quarter of next year. This in turn will increase the quantities of feedstock available for secondary production of specialties such as base oil and waxes.