Base Oil Price in USA

• United States: $1576 MT

During December 2023, the United States saw base oil prices hitting $1576 per metric ton for the fourth quarter. The market experienced a significant 2.1% decline as December began, with buyers seeking to reduce year-end inventories to mitigate tax consequences.

The latest report by IMARC Group, titled "Base Oil Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data" delivers a comprehensive analysis of base oil prices on a global and regional scale, highlighting the pivotal factors contributing to price changes. This detailed examination includes spot price evaluations at key ports and an analysis of pricing structures, such as Ex Works, FOB, and CIF, across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Base Oil Prices December 2023:

• United States: $1576 MT
• China: $800 MT
• Saudi Arabia: $1405 MT

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The study delves into the factors affecting base oil price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.

The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.

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Base Oil Price Trend- Q4 2023

The base oil market is primarily driven by the escalating demand for high-quality lubricants used in various automotive and industrial applications. This surge is linked to the rising production of vehicles and the expanding manufacturing sector worldwide, which require advanced lubrication solutions to enhance engine efficiency and equipment lifespan. Additionally, stringent environmental regulations are pushing the industry towards the production of cleaner and more efficient base oils. For instance, the shift toward Group II and Group III base oils, known for their lower sulfur content and higher viscosity index, is becoming more pronounced as companies strive to meet these regulatory demands. The ongoing innovation in the sector, aimed at developing more sustainable and efficient lubrication technologies, also plays a crucial role. These factors collectively ensure a robust growth trajectory for the base oil market, as stakeholders continuously seek to balance performance enhancements with environmental sustainability.

Base Oil Market Analysis

The global base oil market size reached 33.2 Million Tons in 2023. By 2032, IMARC Group expects the market to reach 39.9 Million Tons, at a projected CAGR of 2.00% during 2023-2032. In the last quarter, base oil prices were significantly influenced by the volatility in crude oil prices, which is a primary raw material in the production of base oils. The North American market in Q4 2023 witnessed significant fluctuations due to various factors. The market was impacted by a tight supply and demand balance of Group I and II grades, leading to a surge in prices during October. Additionally, the impact of price increments for base oil in the previous month showed its reflections in November, leading to several independent lubricant manufacturers increasing their product prices. Relatively, the market in Europe witnessed a bullish trend in Q4 compared with Q3. Despite the demand remaining low due to seasonal slowdown, holiday closures, and high borrowing costs, the supply of Base Oil remained high due to reduced production in other regions, shifting priorities, global market dynamics, and high inventory levels during October. However, at the beginning of November, the market was impacted by several factors, including the recent price hike by ExxonMobil in Europe that raised Group I Base oil prices to record highs, resulting in a surge in prices in Germany, Netherlands, and Belgium. The Q4 for base oil in the Asia Pacific region has seen a mixed market situation with October and November admitted a bullish trend, while December witnessed a significant drop. The top three factors that impacted the market were moderate demand and uncertainty about the downstream lubricant market. China's market experienced a 2.6% increase in price for Group I SN and remained stable for Group II Base Oil during October. 

Browse Full Report: https://www.imarcgroup.com/base-oil-pricing-report

Key Points Covered in the Base Oil Pricing Report:

The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:

• Base Oil Prices
• Base Oil Demand
• Base Oil Demand & Supply
• Base Oil Market Analysis
• Demand Supply Analysis by Type
• Demand Supply Analysis by Application
• Demand Supply Analysis of Raw Materials
• Base Oil Price Analysis
• Base Oil Industry Drivers, Restraints, and Opportunities
• Base Oil News and Recent developments
• Global Event Analysis
• List of Key Players

Regional Price Analysis:

• Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand
• Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
• North America: United States and Canada
• Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
• Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco

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Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.

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