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Base oil demand set for near-term boost; economic woes weigh on long term

Overview

Global base oils demand could see a short-term lift amid tightness in some regions and peak seasonal periods in the US amid the heightened driving season and in the Middle East. However weak macroeconomic conditions globally and fears of recessions in several regions could see a weaker demand trend long term. 

Key regional highlights:

  • Europe base oil margins to normalise amid increased global refining capacity.
  • Asia demand to improve on China recovery, new capacities to boost supply.
  • Middle East base oils demand to pick up in May following Eid celebrations.
  • US driving season boost could be mitigated by macroeconomic factors.

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