ExxonMobil cuts base oil term prices in Asia by $60/tonne

01 August 2012 10:13  [Source: ICIS news]

SINGAPORE (ICIS)--Oil major ExxonMobil will reduce prices of its Group I base-oil term supply to its customers in Asia by $60/tonne (€49/tonne) from 2 August on the back of weak demand and buying interest, buyers said on Wednesday.  

The company’s Group I SN150, SN500 and brightstock prices will each be reduced by $60/tonne from the prices on 20 July to $1,140/tonne ex-tank Singapore, $1,180/tonne ex-tank Singapore and $1,320/tonne ex-tank Singapore respectively, with effect from 2 August.

The current price reduction is prompted by a lack of firm buying interest in Asia, where the overall demand in the market is weak as a result of continued global economic woes hampering growth in downstream lubricant sectors, a Singapore-based buyer said.

The last time the company reduced its prices was on 20 July.

ExxonMobil declined to comment when asked about the price cuts.

($1 = €0.81)



By: Serena Seng



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index