Base Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition

Base Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition

Report Format: PDF+Excel | Report ID: SR112024A22299
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Base Oil Prices June 2024

Product Category Region Price
Base Oil Chemical USA 1732 USD/MT
Base Oil Chemical China 818 USD/MT


During the second quarter of 2024, the base oil prices in the United States reached 1732 USD/MT in June. This is due to rising crude oil prices and geopolitical instability, which disrupted supply systems. Refiners raised base oil production to satisfy demand, while seasonal stockpiling before the upcoming hurricane weather pushed prices higher, indicating strong market momentum.

China's base oil market in Q2 2024 saw significant price increases, reaching 818 USD/MT. This is attributed to supply limitations from maintenance closures and rising product adoption in the manufacturing and automotive sectors. Geopolitical instability and transportation concerns also strained the market, resulting in a stable hike in prices during this period.

Base Oil Prices March 2024

Product Category Region Price
Base Oil Chemical Germany 1061 USD/MT


During Q1 of 2024, the base oil prices in Germany reached 1061 USD/MT in March. This is attributed to limited demand from the automotive and industrial sectors. Logistics issues and a shift to spot purchases further impacted the market. Despite these challenges, prices were partially stabilized by firm crude oil prices.

Base Oil Prices December 2023

Product Category Region Price
Base Oil Chemical USA 1576 USD/MT
Base Oil Chemical China 800 USD/MT
Base Oil Chemical Saudi Arabia 1405 USD/MT


The base oil prices in the United States for Q4 2023 reached 1576 USD/MT in December. The market was volatile during the quarter, starting with high prices due to tight supply but concluding with significant price reductions from major producers like Chevron and Motiva, influenced by a strategic reduction of year-end inventories.

The price trend for base oil in China for Q4 2023, reached 800 USD/MT in December. The market saw prices for Group I increase in October, with overall stability in Group II oils. The market reflected a weak correlation with crude oil prices, showing a slight increase towards the end of the quarter, influenced by varied demand across different oil grades.

The price trend for base oil in Saudi Arabia for Q4 2023, reached 1405 USD/MT in December. The market in Q4 2023 was marked by an abundant supply, keeping prices stable despite increased exports. However, December saw a strategy shift as traders reduced prices to clear stock, aligning with global market trends and resulting in a noticeable price decrease for Group III base oil.

Regional Coverage

The report provides a detailed analysis of the base oil market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the base oil price trend.

Global Base Oil Price

The report offers a holistic view of the global base oil pricing trends in the form of base oil price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into base oil historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into base oil price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed base oil demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Base Oil Price

Q2 2024:

Q2 2024 in Europe saw mixed trends in the base oil market, with Germany experiencing the most notable shifts from bearish to bullish pricing. April was marked by decreased activity due to Easter and Ramadan, but by May, rising supply shortages and operational costs pushed prices up. The summer season further increased demand, leading to higher prices in June. While overall prices in Q2 were lower than the previous year, the second half of the quarter experienced a slight increase from the first half, influenced by constrained supply and rising costs, reflecting a generally positive pricing environment.

Q1 2024:

Throughout Q1 of 2024, Europe's base oil market remained sluggish due to lower demand in the industrial, automotive, and process oil sectors. The market's supply and demand balance remained low to moderate, aggravated by logistical issues such as delayed shipments through Red Sea and Suez Canal. These issues prompted a shift from long-term contracts toward on-the-spot purchases. The biggest price changes were observed in Germany, where prices were down in comparison to the last quarter. Firm crude oil prices helped to keep the market from falling much more.

Q4 2023:

The market exhibited a robust upward trend in Q4 2023 despite a seasonal slowdown in demand. High inventory levels and a reduction in production elsewhere sustained a high supply throughout October. A notable price increase initiated by ExxonMobil in November pushed prices to unprecedented levels in Belgium, Germany, and Netherlands. The market adapted by shifting from short-supplied API Group I grades to readily available light Group II oils, complemented by increased imports, which further supported the market’s dynamics and led to an overall price increase compared to the preceding quarter.

This analysis can be extended to include detailed base oil price information for a comprehensive list of countries.

Region Countries Covered
Europe Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries.


North America Base Oil Price

Q2 2024:

In Q2 2024, North America's base oil market saw notable price increases, driven mainly by the rising costs of crude oil, which is essential for base oil synthesis. Geopolitical concerns and supply interruptions raised production costs, but refiners increased base oil output to counter competition from other fuels. Refiners such as Safety Kleen, Avista Oil, and ExxonMobil announced price increases in several oil markets, driving prices higher. Seasonal reasons, such as stockpiling before the hurricane season, also boosted demand. By the quarter's end, the market showed strong growth, highlighted by an increase in prices from the previous quarter.

Q1 2024:

In early 2024, the base oil sector in North America faced notable hurdles. A seasonal dip in consumption during January, coupled with slowed industrial activity, led to additional inventory and saturation in the market. Price volatility persisted as feedstock and crude oil prices fluctuated. Despite these setbacks, the latter part of the quarter experienced a price increase of 9%, driven by supply disruptions from shutdowns. The market remained under pressure, contending with reduced demand and ongoing supply challenges.

Q4 2023:

The market saw notable fluctuations influenced by a tight balance between supply and demand of Group I and II grades. October experienced a rise in prices, primarily driven by these supply constraints. Following a price hike in the previous months, independent lubricant producers also raised their prices in November. Despite a slowdown in demand toward December as companies sought to reduce inventories, prices initially rose. The year closed with Chevron and Motiva lowering their prices, reflecting a shift from a bullish to a bearish trend in the market.

Specific base oil historical data within the United States and Canada can also be provided.

Region Countries Covered
North America United States and Canada


Middle East and Africa Base Oil Price

Q2 2024:

During Q2 2024, the price of base oil prices in MEA rose sharply, on account of increased shipping costs and tight supply following Ramadan, alongside heightened demand due to geopolitical crisis and economic challenges. Saudi Arabia faced notable price hikes, with post-Ramadan trading picking up significantly as lubricant blenders replenished stocks. Luberef encountered challenges with vessel availability, affecting deliveries from Jeddah and Yanbu. Furthermore, ongoing shipping challenges in the Red Sea due to Houthi rebel raids necessitated longer shipping routes, disrupting delivery timetables and straining supplies, resulting in continuing growing pricing pressures in the region.

Q1 2024:

In Q1 2024, the base oil sector in the Middle East and Africa was stable to bullish, with relatively steady prices in January. However, shipping challenges from the Suez Canal and Red Sea caused supply problems and higher costs in the United Arab Emirates. As Ramadan approached, the industry shifted, marked by shipping delays, transport problems, and reduced oil deliveries, particularly from Saudi Arabia. This resulted in a shortage at key ports due to a limited number of ships navigating the risky Bab-al-Mandeb Strait.

Q4 2023:

The market was characterized by moderate activity in Q4 2023. In Saudi Arabia, a steady supply of base oil in October kept price hikes in check despite increased export activities from Yanbu and Jeddah. November saw price increases influenced by potential rises in premiums for war risk insurance affecting shipping costs. By December, the trend reversed as traders in the region aimed to clear their inventories before the New Year, resulting in a downward adjustment in prices, particularly for Group III base oil in Saudi Arabia.

In addition to region-wise data, information on base oil prices for countries can also be provided.

Region Countries Covered
Middle East and Africa Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries.


Asia Pacific Base Oil Price

Q2 2024:

The APAC region's industry for base oil in Q2 2024 saw prices rise due to several factors, including operational challenges and factory closures at key facilities, leading to supply shortages. Increased product consumption in the manufacturing and automotive sectors intensified competition among buyers, driving up prices. Logistical problems and geopolitical crisis again strained the supply-demand dynamics. The quarter closed with steady price growth, marking a 2% increase from the previous quarter, showcasing a strong demand-driven environment amid limited supply.

Q1 2024:

The base oil industry in the Asia Pacific region remained stable in the first quarter of 2024, though some factors influenced its dynamics. A softened demand across most product grades resulted in a market surplus in January. Supply chain bottlenecks and elevated freight costs also contributed to price increases in February. The approach of the Lunar New Year in China caused a brief demand spike for base oils. Overall, the market was steady despite these fluctuations.

Q4 2023:

The region experienced a varied market situation in Q4 2023, starting strong in October and November but declining in December. In China, prices for Group I SN Base Oil rose in October, while Group II prices remained stable. Demand fluctuated, with an uptick in Group I SN consumption but a slowdown for Group II by year's end. The minimal correlation between base oil and crude oil prices indicated a unique market behavior in China, despite a general rise in prices towards the quarter's end.

This base oil price analysis can be expanded to include a comprehensive list of countries within the region.

Region Countries Covered
Asia Pacific China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries.


Latin America Base Oil Price

The analysis of base oil prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Region Countries Covered
Latin America Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries.


Base Oil Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Base Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” offers an in-depth analysis of base oil pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of base oil at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of base oil price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing base oil price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Base Oil Price Trend

Base Oil Market Analysis

The global base oil industry size reached 33.2 million tons in 2023​. By 2032​, IMARC Group expects the market to reach 39.3 million tons, at a projected CAGR of 2.00% during 2023-2032​.

  • The increasing utilization of base oil as a lubricant in the automotive sector is a major factor driving the market growth. According to the IMARC Group, the global automotive lubricants market size is expected to reach US$ 104.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032.
  • The market share is also expanding due to base oil's increased demand as an essential lubricant in various industrial applications, including manufacturing, construction, and transportation.
  • In addition, rapid advancements in manufacturing processes, machinery design, and engineering solutions, favoring the development of equipment that requires specialized lubricants, are fueling the market growth.
  • Another factor driving base oil consumption across the globe is the growing government support that promotes fuel economy and emissions reduction. For instance, the Government of India (GoI) implemented the Ethanol Blended Petrol (EBP) Programme, wherein Oil Marketing Companies (OMCs) sell petrol blended with ethanol up to 10%.
  • The market share is also expanding due to base oil's increased demand in the formulation of functional fluids for specialized industries, such as aerospace, marine, and renewable energy.
  • Moreover, trade agreements and initiatives that reduce trade barriers and promote market access are facilitating the flow of base oils and lubricants across borders.
  • Energy efficiency initiatives across industries that drive the demand for lubricants that help reduce friction, minimize wear, and improve overall equipment performance are boosting the adoption of high-quality base oils due to their superior lubricating properties.

Base Oil News

The report covers the latest developments, updates, and trends impacting the global base oil industry, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in base oil production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the base oil price trend.

Latest developments in the base oil industry:

  • In July 2023, Chevron started the production of 4 centistoke API group III base oils at its refinery in California. This move will help the company accommodate growing demand for this category while lowering dependence on imports.
  • In September 2023, PETRONAS signed a joint study agreement (JSA) with PT Kilang to develop new greenfield lube base oil in Refinery Unit (RU) IV Cilacap, Central Java.

Product Description

Base oil is a blend stock that is used in the manufacturing of lubricants and oils. It acts as the underlying fluid framework, to which additives and enhancers are added to produce finished lubricants. Base oil is obtained by refining crude oil, while synthetic base oils are manufactured by chemical synthesis.

Base oil exhibits distinct features that affect the performance of the finished lubricant product, including viscosity, oxidation stability, pour point, and heat stability. They are employed in a wide range of applications, including motor oil, gear oils, hydraulic fluids, greases, metalworking fluids, and for the production of industrial oils, cosmetics, and medicines.

Base oils provide various advantages, including minimizing friction, guarding against wear, prolonging equipment life, increasing energy efficiency, assuring system dependability, and preserving cleanliness and operating integrity under harsh environments. They also improve lubricant performance, extend oil life, provide superior protection at high and low temperatures, promote environmental compliance, and are compatible with a variety of additives.

Report Coverage

Key Attributes Details
Product Name Base Oil
Report Features Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Base Oil Price Analysis, and Segment-Wise Assessment.
Currency/Units US$ (Data can also be provided in local currency) or Metric Tons
Region/Countries Covered The current coverage includes analysis at the global and regional levels only. 
 
Based on your requirements, we can also customize the report and provide specific information for the following countries: 
 
Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, New Zealand*
 
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, Greece* 
 
North America: United States, Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, Peru*

Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, Morocco*
 
*The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client.
Information Covered for Key Suppliers
  • Company Overview
  • Business Description
  • Product Portfolio
  • Recent Trends and Developments
Customization Scope The report can be customized as per the requirements of the customer
Report Price and Purchase Option

Plan A: Monthly Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Month
    • Forecast for Next Month
  • Total Deliverables Per Year: 12 (One Per Month)
  • Includes: One PDF and Excel datasheet per month, Post Purchase Analyst Support throughout the year

Plan B: Quarterly Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Quarter
    • Forecast for Next Quarter
  • Total Deliverables Per Year: 4 (One Per Quarter)
  • Includes: One PDF and Excel datasheet per Quarter, Post Purchase Analyst Support throughout the year

Plan C: Biannually Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Half
    • Forecast for the Next Half
  • Total Deliverables Per Year: 2 (One Per 6 Months)
  • Includes: One PDF and Excel datasheet per Half, Post Purchase Analyst Support throughout the year
Post-Sale Analyst Support  360-degree analyst support after report delivery
Delivery Format PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) 


Key Benefits for Stakeholders:

  • IMARC’s report presents a detailed analysis of base oil pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
  • The study examines factors affecting base oil price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
  • The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
  • IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The base oil price charts ensure our clients remain at the forefront of the industry.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Base Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition
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