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

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