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We offer the following regional Base oils-Lubes coverage to keep you informed of factors and developments affecting prices in the Middle East Base oils-Lubes marketplace.
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Updated to Q3 2018
Middle East Group I base oils were mostly stable through the third quarter. The US decision to withdraw from the Iran nuclear deal has heightened uncertainty over supply from Iran. The UAE market was also heard to be sufficiently supplied especially since the end of the second quarter while demand also slowed during the Eid ul-Fitr holidays that followed Ramadan in mid-June.
The US decision to withdraw from the Iran nuclear deal has heightened uncertainty over supply from Iran. The UAE market was also heard to be sufficiently supplied with ample availability of deepsea and Russian cargo heard especially since the end of the second quarter. Demand has typically slowed during the third quarter in line with seasonal slowdowns. There is also some cautious sentiment caused by the trade dispute between US and China.
Middle East Group II 150N and 500N spot supply has been in shortage in the early third quarter but some supplies of deep-sea cargoes have managed to alleviate some of that tightness. Slow demand was noted during Ramadan but Asian spot supply was also limited. 500N supply increased and pricing competition intensified from around mid-quarter three, putting broad pressure on Group II prices.
Middle East Group II base oils demand was weak through the third quarter. Spot supply of 150N was tight but 500N supply increased. However, demand showed little reaction. Seasonal slowdowns and uncertainty over US-Iran sanctions and US-China trade war kept buyers cautious.
Middle East Group III base oils supply was mostly stable through the third quarter. The Middle East was believed to have exported significant volume of Group III to buyers in Asia at competitive prices but little Group III cargoes were offered to regional buyers.
Middle East demand for Group III was limited in the third quarter, as the region is not a large consumer of Group III. Some substitution trends were seen with Group III being used in place of some Group I applications due to tight supply of some grades and competitive prices.
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ICIS collects pricing data on a wide range of chemical, energy and fertilizer products, including Base oils-Lubes. Our extensive experience in price reporting means we can offer you access to historical data dating back more than 20 years for certain commodities.
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ICIS price assessments are based on information gathered from a wide cross-section of the market, comprising consumers, producers, traders and distributors from more than 250 reporters world-wide. Confirmed deals, verified by both buyer and seller, provide the foundation of our price assessments.
Our in-depth market knowledge drives our specialist focus, as we recognise the importance of individual market dynamics and not a one-size-fits-all approach.
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