Exxon Mobil cuts base oil term prices in Asia by $30-40/tonne

15 June 2012 04:23  [Source: ICIS news]

SINGAPORE (ICIS)--Oil major ExxonMobil will cut prices of its Group I and II base oil term supply to customers in Asia by $30-40/tonne (€24-32/tonne) from 20 June amid weak demand, market sources said on Friday.

The company’s Group I and II 150N, 500N and brightstock prices will be reduced by $30/tonne in India, and by $40/tonne in Singapore and China, they said.

“The price reduction is likely prompted by flat demand and weak buying interest, fuelled by buoyant fuel oil and gas oil prices,” a Singapore based trader told ICIS.

Exxon Mobil declined comment when asked to confirm the price cuts.

($1 = €0.79)

By: Serena Seng

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