ExxonMobil cuts base oil term prices in Asia by $40/tonne

18 July 2012 03:19  [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 $40/tonne (€32/tonne) from 20 July as a result of prevailing weak demand for the material, buyers said on Wednesday.

The company’s Group I SN150, SN500 and brightstock prices will be reduced by $40/tonne to $1,200/tonne ex-tank Singapore, $1,240/tonne ex-tank Singapore and $1,380/tonne ex-tank Singapore respectively with effect from 20 July.

Group II 150N and 500N prices will also be reduced by $40/tonne.

“Brightstock prices will be further reduced by an additional $20/tonne in China and India as demand is very weak in these two countries,” a Singapore buyer told ICIS.

The current price reduction is prompted by prevailing weak demand and thin buying interest brought about by global economic woes which hampered growth in the downstream lubricants sectors, a Singapore-based trader said.

The last time the company cut its term prices was in June.  

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

($1 = €0.81)


By: Serena Seng



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