Russian sanctions: impacts on US base oils supply and prices

Overview

Russian invasion of Ukraine and associated sanctions on oil and gas, as well as the threat of a global macroeconomic crisis, continue to loom over the base oils market. Lack of supply of Russian base oils plus a more significant driver – lack of gasoil – will result in many refiners prioritising gasoil production over base oils production to meet strong distillate demand. Tight markets are likely to persist in 2023.

Read the latest analysis of the US base oils market to find out the likely scenarios for markets in 2023.

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