Weekly Lubricant Report: China’s Protests and the Price Reduction of Oil Products

Due to the spread of Corona, the price of crude oil has decreased to 81 dollars and the average for November has been around 86-87, while in October it was around 92-93. Generally, the market has been affected by the fear of Corona.

In a situation where most of the countries in the world have lifted the corona restrictions, the Chinese president still insists on the zero covid policy, and this caused massive protests in Shanghai on Sunday.

In addition to growing concerns about a drop in demand in China due to an increase in coronavirus cases, political instability caused by protests over coronavirus restrictions in Shanghai also weighed on oil prices.

According to what was said, probably in early December many markets such as India, Singapore, South Korea and Spain will reduce the price of their oil products. Bahrain is stable and Iran shows a decrease.

The price of caustic soda FOB Bandar Abbas is 810-820 dollars. The price of recycled base oil FOB Bandar Abbas is 790-810 dollars and the price of FOB Bandar Abbas paraffin wax is 1000 to 1050 dollars.

This article was prepared by Mozhdeh Darbandizadeh, the account manager of Infinity Galaxy (www.infinitygalaxy.org).