The base oil and lubricant market react to Ukraine invasion

Russia’s invasion of Ukraine last week was the headline of the news, and it is likely that this trend will dominate the market for a while.

For the first time since 2014, after Russia’s invasion of Ukraine, crude oil prices hit a multi-year high and Brent crude hit more than $100 a barrel.

freight charges have also increased dramatically and played an important role in whether buyers can buy the product from more distant sources.

The increase in Omicron cases in many countries has also affected logistics and transportation plans.

The fact that demand has begun to grow and the availability of the number of base oil grades has increased also supports the high prices.

Indian buyers have returned to the market and are competing with Southeast Asian and Chinese consumers.

Despite the challenges of producing base oil in recent months, the situation seems to be similar to the first quarter of 2021, and the Indian market is more inclined to raise price expectations.

This article was prepared by Tina Taghavi, the account manager of Infinity Galaxy. (www.InfinityGalaxy.org)