Weekly Lubricant Report: Slow Motion of Lubricant Market

Last week, with the publication of news about the reduction of Russian production to 700,000 barrels and the reduction of American strategic reserves, the price of Brent oil reached the threshold of 78 dollars. During this week and from Monday, after the publication of news from China about the removal of most of the corona restrictions, the start of Christmas trips in different countries and the unprecedented cold wave in the United States, caused the price of Brent oil to increase to around $84. 

Although the analysts considered the oil trend to decrease for the last week of 2022. There is new news that the US may have new decisions to reduce the interest rate in 2023. 

In the last week of 2022, nothing significant has happened in the field of oil products, except that Singapore has increased its bitumen price about $10 and decreased by $3 on fuel. India may announce a decrease for all its oil products on January 1. In Iran, with the unprecedented increase in the price of the dollar against the rial, many export goods are offered to importers at a cheaper price.

In the current situation, caustic soda is sold at 780 to 790 dollars, paraffin wax at 980 to 990 dollars, and recycled base oil at 750 to 760 dollars FOB Bandar Abbas.

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