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Petrosil Base Oil Report – April 16, 2024

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Prices in USD/MT April 16, 2024
Region USA Europe Russia Iran Singapore Saudi Arabia UAE S. Korea Japan

Group I

SN 70 865-885 895-935

SN 150 870-910 815-825 760-800 820-875 780-805 890-915 890-960

SN 500 990-1030 875-915 785-845 845-880 925-965 1075-1105 955-1115

BS - 150 1145-1285 1075-1155 1080-1120 1215-1260

Group II/ II+

N 60/70 840-875 850-890

TOBS 865-905

N 100/110 865-910 970-1005 795-900

N 150 870-890 890-990

N 220/230 950-1110 965-975

N 500/600 1110-1135 885-910 1075-1080

Group III

4 Cst 1710-1740 1485-1525

6 Cst

8 Cst 1700-1745 1470-1575

Global Base Oil FOB Export Price Trends in USD PMT

Bright Stock Singapore
1800
Group I
1600 Europe - Bright Stock
1400 Group I
United States - BS-150
1200 Group I
1000 Singapore - SN 500
Group I
800 Singapore - SN 150
600 Group I
Europe - SN 500Group I
400
200 Iran - SN 500 Group I

0 Europe - SN 150 Group

Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 I
 Global Base Oil FOB Export Price Trends in USD PMT United States - SN
500 Group I
1600
United States - SN
1400 150 Group I
1200 United States -
1000 TOBS/SN 70 Group I
800 Korea - TOBS Group
II/ II+
600
Saudi Arabia SN 70
400 Group I
200 Saudi Arabia SN 150
0 Group I
Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Saudi Arabia SN 500
Group I

Base Oil Domestic Cargo Prices in USD/MT April 16, 2024

Region USA Europe Russia China Singapore India UAE West Africa

Group I

SN 70
1195-1295 1360-1375

SN 150
1270-1300 860-870 825-855 950-1010 905-930 1320-1335 1025-1055 965-980

SN 500
1410-1485 930-970 870-910 1000-1105 1025-1060 1215-1230 1075-1125 1010-1090

BS - 150
1490-1565 1140-1220 1155-1280 1245-1305 1375-1390 1165-1245

Group II/ II+

60/70
940-1130 -

TOBS
990-1050 -

N 100/110
1040-1110 1110-1170 - 1155-1190

N 150
1170-1235 995-1020 -

N 220
1050-1120 1215-1255 -

N 500/600
1265-1310 1350-1410 1045-1065 -

Group III

4 Cst
1855-1935 1525-1585 - 1540-1635

6 Cst
1765-1825 1560-1640 - 1615-1640

8 Cst
1740-1800 1525-1565 1600-1625

Domestic Refiners Base Oil Prices (w.e.f 16.4.2024)

HPCL Prices ex Mumbai Rs./Ltr Diff Prev Mth USD/MT Change (IN USD) Density
SN 70 (Alprol 12) - Density 0.849 to 0.851 97.45 0.35 1365 5 0.851
SN 150 (Alprol 32) - Density 0.859 to 0.861 96.90 0.4 1341 6 0.861
SN 500 (Alprol 100) - Density 0.88 to 0.881 90.75 1.1 1228 15 0.881
Bright Stock - 460 Density 0.891 to 0.893 104.65 3.6 1397 48 0.893
IOC Product Price ex Chennai (CPCL)* Rs./Ltr Diff Prev Mth USD/MT Change (IN USD) Density
SN-70 99.00 0.35 1387 5 0.851
SN-150 96.35 0.4 1334 6 0.861
SN-500 92.40 1.1 1250 15 0.881
BS-150 104.15 3.6 1390 48 0.893
Rubber Process Oil - Heavy NA NA NA NA NA
Rubber Process Oil - Light NA NA NA NA NA
IOC Product Price ex Mumbai Rs./Ltr Diff Prev Mth USD/MT Change (IN USD) Density
SN-70 97.00 0.35 1359 5 0.851
SN-150 94.30 0.4 1305 6 0.861
 SN-500 87.90 1.1 1189 15 0.881
BS-150 101.60 3.6 1356 48 0.893
H -70 ( Group II) 101.85 0.35 1437 5 0.845
H-150 (Group II) 95.15 0.4 1341 6 0.846
H-500 (Group II) 85.40 1.1 1182 15 0.861
BPCL Group II+ Product Price ex Mumbai Rs./Ltr Diff Prev Mth USD/MT Change (IN USD) Density
MAK Base N 65 94.25 0.35 1333 5 0.843
MAK Base N -150 92.6 0.4 1305 6 0.846
MAK Base N 500 85.55 1.1 1184 15 0.861
Transformer Oil & White Oils Tech. & IP Prices (Domestic) Rs./Ltr Diff Prev Mth USD/MT Change (IN USD) Density
Transformer Oil (Bulk) 73.40 0.25 1029 4 0.85
Transformer Oil (Drum) 78.50 0.25 1101 4 0.85
White Oil N 70 (Bulk) 70.00 0.50 1024 7 0.815
White Oil N 150 (Bulk) 70.95 0.50 1026 7 0.824
White Oil N 500 (Bulk) 77.70 0.75 1119 11 0.8275
Light Liquid Paraffin IP Grade 71.25 0.50 1038 7 0.818
Heavy Liquid Paraffin IP Grade 80.00 0.50 1146 7 0.832
SN 150 Bulk 71.45 0.75 989 10 0.861
SN 500 Bulk 77.45 1.00 1048 14 0.881
* All prices are ex. stock excluding 18% GST.
For conversion from Rs./Ltr. to USD/MT, exchange rate used is 1 USD = 83.90
Customs exchange rate applicable is 1 USD =84.30
Quantity discounts applicable on the above prices (Only State Oil PSUs).

Indian State Oil PSU’s IOC/BPCL/ HPCL prices change are awaited.

Current Base Oil Prices

Import Base Oil Prices - CNF Mumbai/ JNPT Density USD/MT
Base Oil N-60 (Korean) 0.808 - 0.813 875-905
Base Oil N-70 (Korean) 0.815 - 0.821 895-905
Base Oil 500 (Russian) 0.867 - 0.872 895-905
SN-150 (Iran) 0.860 - 0.865 875-960
SN-500 (Iran) 0.887 - 0.889 875-930
Base Oil N-150 (Singapore) 0.851 - 0.852 890-935
Base Oil N-500 (Singapore) 0.861- 0.865 950-990
Base Oil 500 N (Korean) 0.840 - 0.845 965-970
Bright Stock (USA) 0.891 - 0.893 1185-1215
Base Oil 4 CST (Group III) 0.809 - 0.815 1605-1635
Base Oil 6 CST (Group III) 0.810 - 0.818 1605-1645
Base Oil 8 CST (Group III) 0.830 - 0.832 1655-1665
Yubase 4 Base Oil 0.808 - 0.812 1695-1735
Yubase 6 Base Oil 0.809 - 0.815 1775-1835
Napthenic Base Oil N - 60 (USA) 0.865 - 0.870 895-975
Napthenic Base Oil HYGOLD L500 0.880 - 0.889 970-1015
Napthenic Base Oil HYGOLD L 2000 0.908 - 0.912 1035-1065
Rubber Process Oil Bulk (Iran) 0.985 - 1.03 390-405
Rubber Process Oil (Drums) (Iran) 0.985 - 1.03 420-430
Basic Customs Duty with effective from 01 July 2017 is 5% & IGSTIN is 18%
(Refundable)
International crude oil prices traded higher on Tuesday amid ongoing tensions between Iran and Israel and the
resultant volatility in the global energy market. June contract of Brent on the Intercontinental Exchange was
trading at $90.57 a barrel, up 0.52% from its previous close. The May contract of West Texas Intermediate on
the NYMEX rose 0.59% to $85.91 a barrel. "If tensions continue to escalate in the Middle East, it could certainly
bolster crude oil prices. Expectations are for crude oil prices to maintain their volatility in today’s trading
session."

US FOB exports prices for Group I Base Oil are quoted for the grades SN -70 (USD 865-885) SN -150 (USD
870-905), SN -500 (USD 990-1030), Bright Stock (USD 1145-1285) PMT respectively. Group II Base Oil Prices
for N -70 (USD 840-875), N-110 (USD 865-910), N-220 (USD 950-1095), N-600 (USD 1110-1135) PMT
respectively. Domestic US prices have been gone up and are offered for Group I for SN-70/150/500/Bright
Stock in the range of USD 1195 - 1295 / 1270-1300 / 1410-1485 / 1490-1555 per MT. Group III Base Oil prices
in the domestic market at present are quoted for 4 Cst (USD 1855-1935), 6 Cst (USD 1765-1825) 8 Cst (USD
1725-1785) PMT respectively. Reportedly, 22000 MT of Group II Base Oil shipments are getting ready for India.

During the year 2016, US imported 14.31 million barrels of Base Oil. 14.90 million barrels in the year 2017,
15.83 million barrels in the year 2018, 16.52 million barrels in the year 2019, 13.17 million barrels in the year
2020, 16.84 million barrels in the year 2022 and 14.79 million barrels in the year 2023 2023. As per the data
analysis by our team, US import has fallen by 17% during 2023 compared to last year i.e. 2020 imports.

During the year 2016, US Exported 28.15 million barrels of Base Oil. 36.16 million barrels in the year 2017,
38.44 million barrels in the year 2018, 38.15 million barrels in the year 2019 and 35.04 million barrels in the
year 2020, 37.15 million barrels in the year 2021, 34.11 million barrels in the year 2022 and 37.38 million
barrels in the year 2023. As per the data analysis by our team, US export has firm up by 10% during 2023
compared to last year i.e. 2020 exports.

During the year 2019, US Production 60.91 million barrels of Base Oil. 55.61 million barrels in the year 2020,
61.22 million barrels in the year 2021, 57.54.11 million barrels in the year 2022 and 49.42.38 million barrels in
the year 2023. As per the data analysis by our team, US Production has fallen by 14% during 2023 compared
to last year i.e. 2020 Production.

US BS-150 FOB current prices reported in the range of USD 1205 - 1220 PMT. Group I US BS-150 FOB prices
were oscillating in the range of USD 1190 - 1205 PMT in January, USD 1165 - 1180 PMT in February and USD
1170 - 1185 PMT in March 2024. In current month i.e. April 2024, prices of the product are up by USD 30 PMT
(3%) compared to last month & reported in the range of USD 1205 - 1220 PMT. Prices are down by USD 80
PMT (6%) in April 2024, as compared to same period last year i.e. April 2023. Since January 2024, prices have
down by USD 15 PMT (1%) in April 2024.

USA Domestic SN 70 current prices reported in the range of USD 1235 – 1250 PMT. Group I USA Domestic
SN 70 prices were oscillating in the range of USD 1220 – 1235 PMT in January, USD 1185 – 1200 PMT in
February and USD 1205 – 1220 PMT in March 2024. In current month i.e. April 2024, prices of the product has
up USD 30 PMT (2%) compared to last month & reported in the range of USD 1235 – 1250 PMT. Prices are up
by USD 50 PMT (4%) in April 2024, as compared to same period last year i.e. April 2023. Since January 2024,
prices have down by USD 15 PMT (1%) in April 2024.

USA Domestic SN 150 current prices reported in the range of USD 1280 - 1295 PMT. Group I USA Domestic
SN 150 prices were oscillating in the range of USD 1265 - 1280 PMT in January, USD 1230 - 1245 PMT in
February and USD 1250 - 1265 PMT in March 2024. In current month i.e. April 2024, prices of the product are
up by USD 15 PMT (1%) compared to last month & reported in the range of USD 1280 - 1295 PMT. Prices are
up by USD 50 PMT (4%) in April 2024, as compared to same period last year i.e. April 2023. Since January
2024, prices have down by USD 15 PMT (1%) in April 2024.

UAE 8 CST FOB current prices reported in the range of USD 1715 – 1730 PMT. Group III UAE 8 CST FOB prices
were oscillating in the range of USD 1690 – 1705 PMT in January, USD 1660 – 1675 PMT in February and USD
1690 – 1705 PMT in March 2024. In current month i.e. April 2024, prices of the product has up by USD 25 PMT
(1%) compared to last month & reported in the range of USD 1715 – 1730 PMT. Prices are down by USD 5 PMT
in April 2024, as compared to same period last year i.e. April 2023. Since January 2024, prices have gone down
by USD 25 PMT (1%) in April 2024.
 FOB Price Trend USA SN 70, 150, 500 & BS Group I

3000 USA Domestic SN 70

Group I

USA Domestic SN 150

Group I
1500
USA Domestic SN 500
Group I

USA Domestic Bright

0 Stock Group I
Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24

US Base Oil Import in MT 2016 to 2023

20000

15000

10000

5000

0
2016 2017 2018 2019 2020 2021 2022 2023

US Base Oil Import in MT 2022 Vs 2023

2022 2023

2500

2000

1500

1000

500

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
 US Base Oil Import in MT 2022 &
2023

17882,
55%
2022

2023
14790,
45%

US Base Oil Export in MT 2016 to 2023

40000

20000

0
2016 2017 2018 2019 2020 2021 2022 2023

US Base Oil Export in MT 2022 Vs 2023

2022 2023

5000

4000

3000

2000

1000

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
 US Base Oil Export in MT 2022 &
2023

34116,
48%
2022

2023
37380,
52%

US Base Oil Refinery Net Production in MT 2019 to 2023

80000

60000

40000

20000

0
2019 2020 2021 2022 2023

US Base Oil Refinery Net Production in MT 2022 Vs 2023

2022 2023

6000
5000
4000
3000
2000
1000
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
 US Base Oil Refinery Net
Production in MT 2022 & 2023

57545,
54%
2022

2023
49423,
46%

Base Oil domestic prices in Europe seem to remain on edge following the global market. Prices in the Domestic
market at the current level is oscillating in the range of for Group I SN -150 (USD 860-870), SN – 500(930-
970). Group II Lighter grades like N -70/150 are being offered in the price range of USD 1110-1170. while upper
viscosity grades like N -500/600 are quoted around USD 1350-1410 PMT in the domestic market. Base Oil Group
III prices in the domestic market is hovering in the range of USD 1525-1585 for 4 Cst & USD 1560-1640 PMT
for 6 Cst, while for 8 Cst prices are in the range of USD 1525-1565 PMT. FOB Europe Exports prices are oscillating
for Group I SN -150 (USD 815-825), SN -500 (USD 875-915), Bright Stock (USD 1075-1155) PMT respectively.
Medium sized Group I Cargoes of approximately 8000 MT is expected to be shipped to china.

Europe Domestic Bright Stock current prices reported in the range of USD 1170 - 1185 PMT. Group I Europe
Domestic Bright Stock prices were oscillating in the range of USD 1170 - 1185 PMT in January, USD 1125 -
1140 PMT in February and USD 1140 - 1155 PMT in March 2024. In current month i.e. April 2024, prices of the
product up by USD 30 PMT (3%) compared to last month & reported in the range of USD 1170 - 1185 PMT.
Prices are up by USD 35 PMT (3%) in April 2024, as compared to same period last year i.e. April 2023. Since
January 2024, prices have remain same in April 2024.

FOB Price Trend Europe SN 150, 500 & BS GroupI

3000

Europe Domestic SN
150 Group I

1500 Europe Domestic SN

500 Group I

Europe Domestic Bright

Stock Group I
0
Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24

Russian base oil availability is not a problem. Prices are Volatile. At the current level prices in the region are
quoted for SN -150 (USD 825- 840), SN -500 (USD 870 – 910) PMT. While, FOB Russia base oil export prices
for SN-150 (USD 760 - 800), SN-500 (785 –845) PMT respectively.

Russia Domestic SN 500 current prices reported in the range of USD 890 – 905 PMT. Group I Russia Domestic
SN 500 prices were oscillating in the range of USD 910 – 925 PMT in January, USD 860 – 875 PMT in February
and USD 860 – 875 PMT in March 2024. In current month i.e. April 2024, prices of the product are up by USD
30 PMT (3%) compared to last month & reported in the range of USD 890 – 905 PMT. Prices are down by USD
65 PMT (7%) as compared to same period last year i.e. April 2023. Since January 2024, prices have increase
by USD 20 PMT (2%) in April 2024
Base Oil Prices in Singapore’s domestic market is also following a global trend and treads cautiously. In the
domestic market prices for Group I at the current level are hovering in the region of SN- 150 (USD 905-930),SN
-500 (USD 1025-1060),Bright Stock (USD 1245-1305) MT. Prices for up VI grades are offered at marginally
upper(995- 1020 PMT) respectively. FOB Singapore Export prices for Group I SN - 150 (USD 780 – 805), SN -
500 (USD 925– 965, Bright Stock (USD 1075 – 1125) PMT respectively. Group II Export prices for J-150 (USD
870 – 890) J-500 (USD 885- 910) PMT respectively.

During the period January to February 2024, Singapore imported 67227 MT of Base Oil. The country
imported 22896 MT of Base Oil in January and 44331 MT in February 2024. During the period January to
February 2023, Singapore imported 130923 MT of Base Oil. As per the data analysis by our team, import of the
country has gone down by 49% during Jan to February 2024 as compared to same period last year i.e. Jan to
February 2023. Compared to last month i.e. January 2024 import of the country has increased by (94%) in the
month of February 2024. Singapore import has gone down by 33% in February 2024 as compared to same
period last year i.e. February 2023.

During the period Jan to February 2024, Singapore imported 67227 MT of Base Oil. The country imported
28410 MT (42%) from Qatar, 17725 MT (26%) from South Korea, 5687 MT (8%) from Taiwan, 5020 MT (7%)
from Saudi Arabia, 3863 MT (6%) from USA, 3314 MT (5%) from Thailand, 2883 MT (4%) from Saudi Arabia,
24529 MT (3%) from Hong Kong, 17466 MT (2%) from USA, 9910 MT (1%) from Malaysia and 325 MT (1%)
from Other Countries.

During the period January to February 2024, Singapore exported 312314 MT of Base Oil. The country
exported 164870 MT of Base Oil in January and 147444 MT in February 2024. During the period January to
February 2023, Singapore exported 327043 MT of Base Oil. As per the data analysis by our team, export of the
country has gone down by 5% during Jan to February 2024 as compared to same period last year i.e. Jan to
February 2023. Compared to last month i.e. January 2024, export of the country has decreased by 11% in the
month of February 2024. Singapore export has gone down by 10% in February 2024 as compared to same
period last year i.e. February 2023.

During the period Jan to February 2024, Singapore exported 312314 MT of Base Oil. The country exported
83175 MT (27%) to China, 58022 MT (19%) to Indonesia, 55208 MT (18%) to India, 25757 MT (8%) to
Australia, 25483 MT (8%) to Thailand, 23498 MT (8%) to Malaysia, 16813 MT (5%) to Vietnam, 6629 MT (3%)
to South Korea, 6164 MT (2%) to Pakistan, 4683 MT (2%) to Taiwan and 6882 MT (3%) to Other countries.

Bright Stock Singapore FOB current prices reported in the range of USD 1100 – 1115 PMT. Group I Bright
Stock Singapore FOB prices were oscillating in the range of USD 980 – 995 PMT in January, USD 995 – 1010
PMT in February and USD 1075 – 1090 PMT in March 2024. In current month i.e. April 2024, prices of the
product have up USD 25 PMT (2%) compared to last month & reported in the range of USD 1100 – 1115 PMT.
Prices are up by USD 25 PMT (2%) in April 2024, as compared to same period last year i.e. April 2023. Since
January 2024, prices have down by USD 120 PMT (12%) in April 2024.

Singapore Domestic Bright Stock current prices reported in the range of USD 1265 – 1280 PMT. Group I
Singapore Domestic Bright Stock prices were oscillating in the range of d USD 1160 – 1175 PMT in January,
USD 1180 – 1195 PMT in February and USD 1135 – 1150 PMT in March 2024. In current month i.e. April 2024,
prices of the product are up by USD 30 PMT (2%) compared to last month & reported in the range of USD 1265
– 1280 PMT. Prices are down by USD 25 PMT (2%) in April 2024, as compared to same period last year i.e. April
2023. Since January 2024, prices have gone down by USD 105 PMT (9%) in April 2024.

Japan SN 150 FOB current prices reported in the range of USD 940 - 955 PMT. Group I Japan SN 150 FOB
prices were oscillating in the range of USD 925 – 940 PMT in January, USD 900 – 915 PMT in February and USD
915 – 930 PMT in March 2024. In current month i.e. April 2024, prices of the product up by USD 25 PMT (3%)
as compared to last month & reported in the range of USD 940 - 955 PMT. Prices are down by USD 20 PMT
(2%) in April 2024, as compared to same period last year i.e. April 2023. Since January 2024, prices have down
by USD 15 PMT (2%) in April 2024.

FOB Price Trend Singapore Domestic SN 150, 500 & BS

3000 Group I
Singapore Domestic
SN 150 Group I

Singapore Domestic
1500
SN 500 Group I

Singapore Domestic
BS Group I
0
Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24
 Singapore Base Oil Import in MT January to February 2024 www.baseoilreport.com
COUNTRY Jan-24 Feb-24 TOTAL
QATAR 9535 18875 28410
SOUTH KOREA 6610 11115 17725
USA 31 3832 3863
THAILAND 1319 1995 3314
TOTAL FOR THE ABOVE 17495 35817 53312
TOTAL FOR OTHER COUNTRIES 5401 8514 13915
GRAND TOTAL 22896 44331 67227

Singapore Base Oil Import Qty Trend - QT Y MT

80000
60000
40000
20000
0
Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24

Singapore Base Oil Import - Country, MT & %

Jan - February 2024

26%
QATAR
SOUTH KOREA
42%
TAIWAN
8%
SAUDI ARABIA
8% USA

1%4% 5% 6% THAILAND
MALAYSIA
OTHER COUNTRIES

Singapore Base Oil Export in MT January to February 2024 www.baseoilreport.com

COUNTRY Jan-24 Feb-24 TOTAL
CHINA 44742 38433 83175
INDONESIA 38619 19403 58022
INDIA 25829 29379 55208
AUSTRALIA 12222 13535 25757
THAILAND 10499 14984 25483
MALAYSIA 12992 10506 23498
VIET NAM 6664 10149 16813
SOUTH KOREA 2389 4240 6629
PAKISTAN 6084 80 6164
TAIWAN 1905 2778 4683
 PHILIPPINES 1741 134 1875
JAPAN 379 986 1365
HONG KONG 97 158 255
TOTAL FOR THE ABOVE 164162 144765 308927
TOTAL FOR OTHER COUNTRIES 708 2679 3387
GRAND TOTAL 164870 147444 312314

Singapore Base Oil Export Qty Trend - QT Y MT

250000
200000
150000
100000
50000
0
Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24

Singapore Base Oil Export - Country, MT & %

Jan - February 2024

CHINA
INDONESIA
19% INDIA
18% AUSTRALIA
THAILAND
MALAYSIA
8%
27% VIETNAM

8% SOUTH KOREA
PAKISTAN
1%
1% 7% TAIWAN
1%
1%2%2% 5%
BANGLADESH
PHILIPPINES
OTHER COUNTRIES

Korean Base stock Prices at present is priced competitively with the global base oil prices. Exports of base oil
are catered to by GS - Caltex, S-OIL and SK Energy and are regularly shipped to China, India and Middle East.
At the current level prices are volatile in nature. FOB export prices are fluctuating in the range of for N -60/70
(850 – 890), N -150 (USD 890-990).A huge quantity of lighter grades will be shipped to India for the
manufacture of transformer oils, Liquid Paraffin, Petrolatum, etc. While high viscosity grades, have been shipped
to the Middle East and China.

South Korea exported 758160 MT of Base Oil during the period January to February 2024. The country
exported 376536 MT in January and 381624 MT in February 2024. During the period Jan to February 2023,
South Korea exported 807852 MT of Base Oil. As per the data analysis by our team, export of the country was
down by 6% during Jan to February 2024, as compared to same period last year i.e. Jan to February 2023.
Compared to last month i.e. January 2024, export of the country has increased by 1% in the month of February
2024. South Korea export has gone down by 15% in February 2024, as compared to same period last year i.e.
February 2023.
South Korea exported approximately 4.07 million MT of Base oil during the period Jan 2022 – February 2024.
The country exported 874791 MT (21%) to India, 722431 MT (18%) to China, 640927 MT (16%) to USA, 270769
MT (7%) to Japan, 208688 MT (5%) to Singapore, 204484 MT (5%) to Thailand, 184879 MT (5%) to Vietnam,
153313 MT (4%) to UAE, 120937 MT (3%) to Belgium, 88385 MT (2%) to Indonesia, 87647 MT (2%) to
Australia, 77527 MT (2%) to Saudi Arabia, 67302 MT (2%) to Pakistan & 373523 MT (9%) to Other Countries.

South Korea Base Oil Export in MT January to February 2024 www.baseoilreport.com

COUNTRY Jan-24 Feb-24 TOTAL
India 93298 79297 172595
USA 52491 83197 135688
China 49253 82250 131503
Japan 20359 25469 45828
Thailand 23169 16643 39812
Singapore 14722 18902 33624
Belgium 14638 11042 25680
Viet Nam 13492 10730 24222
Indonesia 14092 3846 17938
U.A.E. 10389 3615 14004
Australia 6926 6298 13224
Saudi Arabia 8319 4788 13107
Philippines 4999 3759 8758
Malaysia 3571 4981 8552
Pakistan 2183 4173 6356
Netherland 5193 0 5193
Sri Lanka 4130 0 4130
Taiwan 1405 2151 3556
Hong Kong 1259 1408 2667
Bangladesh 1223 1310 2533
South Africa 1429 1058 2487
Brazil 838 827 1665
Colombia 490 771 1261
Germany 297 495 792
Peru 131 526 657
Total For The Above 348296 367536 715832
Total For Other Countries 28240 14088 42328
Grand Total 376536 381624 758160

South Korea Base Oil Export in MT

600000

400000

200000

0
Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24
 South Korea Base Oil export - Country,QTY MT
& % in Jan to February 2024
India
U.S.A
China
17%
Japan
18%
6% Thailand
Singapore
5%
Belgium
5% Vietnam
3% Nigeria
23%
3% Indonesia
3% U.A.E.
2%
2% Australia
9% 2%2%
Saudi Arabia
Other Countries

China’s demand for base oil remains up and domestic refiners’ prices are competitive. Domestic Lubricants
blenders are sourcing their requirements from the refiners rather than importing Reportedly, China CFR prices
remains stable for SN 150 - N 150 (USD 950 -1010) SN -500 - N 500 (USD 1000 – 1105), Bright Stock (USD
1155- 1280)PMT respectively. Prices may show resistance at the current level. Some small cargoes of 8000 MT
of Group I SN -150/500 of Russian origin are expected to arrive ay china ports.

China Domestic SN 500 current prices reported in the range of USD 995 – 1010 PMT. Group I China Domestic
SN 500 prices were oscillating in the range of USD 975 – 990 PMT in January, USD 950 – 965 PMT in February
and USD 965 – 980 PMT in March 2024. In current month i.e. April 2024, prices of the product has up by USD
30 PMT (3%) compared to last month & reported in the range of USD 995 – 1010 PMT. Prices are down by USD
75 PMT (7%) in April 2024, as compared to same period last year i.e. April 2023. Since January 2024, prices
have down USD 20 PMT (2%) in April 2024.

China Domestic Bright Stock current prices reported in the range of USD 1205 – 1220 PMT. Group I China
Domestic Bright Stock prices were oscillating in the range of USD 1175 – 1190 PMT in January, USD 1160 –
1175 PMT in February and USD 1180 – 1195 PMT in March 2024. In current month i.e. April 2024, prices of the
product up by USD 25 PMT (2%) as compared to last month & reported in the range of USD 1205 – 1220 PMT.
Prices are down by USD 90 PMT (7%) in April 2024, as compared to same period last year i.e. April 2023. Since
January 2024, prices have down by USD 30 PMT (3%) in April 2024.

During the period January to February 2024, Thailand imported 56059 MT of base oil. The country imported
29670 MT in January and 26389 MT in February 2024. During the period Jan to February
2023, Thailand imported 50817 MT of base oil. As per the data analysis by our team, import of the country was
up by 10% during Jan to February 2024, as compared to same period last year i.e. Jan to February 2023.
Compared to last month i.e. January 2024, import of the country has decreased by 11% in the month of February
2024. Thailand import has gone down by 11% in February 2024, as compared to same period last year i.e.
February 2023.

Thailand imported approximately 56059 MT of base oil during the period Jan 2024 – February 2024. The
country imported 27221 MT (49%) from South Korea, 21373 MT (38%) from Singapore, 4202 MT (7%) from
Qatar, 1619 MT (3%) from Japan, 1105 MT (2%) from Canada, 411 MT (1%) from Malaysia & 128 MT from
USA.

During the period January to February 2024, Thailand exported 21809 MT of base oil. The country exported
5951 MT in January and 15858 MT in February 2024. During the period Jan to February 2023, Thailand exported
49356 MT of base oil. As per the data analysis by our team, export of the country was down by 56% during Jan
to February 2024, as compared to same period last year i.e. Jan to February 2023. Compared to last month i.e.
January 2024, export of the country has up by 166% in the month of February 2024. Thailand export has down
by 42% in February 2024, as compared to same period last year i.e. February 2024.

Thailand exported 21809 MT Base Oil during the period Jan 2023 – February 2024. The country exported
12412 MT (57%) to Singapore, 6319 MT (29%) to China, 2787 MT (13%) to Indonesia, 229 MT (1%) to Vietnam
and 62 MT to Other Countries.
 Thailand Base Oil Import in MT January to February 2024 www.baseoilreport.com
Country Jan-24 Feb-24 TOTAL
South Korea 15542 11679 27221
Singapore 9961 11412 21373
Qatar 1933 2268 4202
Japan 957 662 1619
USA 64 64 128
Total For The Above 28457 26085 54542
Total For Other Countries 1213 304 1517
Grand Total 29670 26389 56059

Thailand Base Oil Import in MT baseoilreport.com

60000

40000

20000

0
Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24

Thailand Base Oil Import in MT Jan - February

2024

SOUTH KOREA

SINGAPORE
49%
38% QATAR

JAPAN

CANADA
0%
1%
2%3% 7%
MALAYSIA

USA

Thailand Base Oil Export in MT January to February 2024 www.baseoilreport.com

Country Jan-24 Feb-24 TOTAL
Singapore 3469 8943 12412
China 2442 3878 6319
Indonesia 0 2787 2787
Vietnam 0 229 229
Total For The Above 5911 15836 21747
Total For Other Countries 40 22 62
Grand Total 5951 15858 21809
 Thailand Base Oil Export in MT baseoilreport.com

30000
25000
20000
15000
10000
5000
0
Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24

Thailand Base Oil Export - Destination, MT &

% - Jan - February 2024

SINGAPORE
57%
CHINA

29% INDONESIA

VIETNAM

OTHER COUNTRIES
0%
1% 13%

Base oil prices in West Africa, Nigeria are hovering in a narrow band at the current level. On the pricing part
at the domestic level prices have steady CFR prices at the current level are quoted for grades SN -150 (985-
970), SN -500 (USD 1005- 1090), Bright Stock (USD 1165 - 1245) per MT. Some medium sized cargoes are
expected shortly of SN -150/500 of approximately 8000 MT from Baltic region.

Saudi Arabia SN 500 FOB current prices reported in the range of USD 1080 – 1095 PMT. Group I Saudi Arabia
SN 500 FOB prices were oscillating in the range of USD 1070 – 1085 PMT in January and USD 1045 – 1060 PMT
in February 2024. In current month i.e. April 2024, prices of the product has up by USD 25 PMT (2%) compared
to last month & reported in the range of USD 1080 – 1095 PMT. Prices are down by USD 65 PMT (6%) in April
2024, as compared to same period last year i.e. April 2023. Since January 2024, prices have up by USD 10 PMT
(1%) in April 2024.

Iranian base oil prices at present erratic. Prices for exports of Neutrals SN -150/500 at the current level is
steady .FOB Iran exports prices at present is quoted for SN -150 (USD 825 - 880), SN -500/650 (USD 850-
885), Rubber Process Oil (USD 430– 440) PMT respectively.

SN 500 Iran FOB current prices reported in the range of USD 830 - 845 PMT. Group I SN 500 Iran FOB prices
were oscillating in the range of USD 870 - 885 PMT in January, USD 845 - 860 PMT in February and USD 805 -
820 PMT in March 2024. In current month i.e. April 2024, prices of the product down by USD 25 PMT (3%)
compared to last month & reported in the range of USD 830 - 845 PMT. Prices are down by USD 125 PMT (13%)
as compared to same period last year i.e. April 2023. Since January 2024, prices have up by USD 40 PMT (5%)
in April 2024.
The Indian Base Oil market remains steady with inventories at optimum levels. During the month of March
2024, approximately 296295 MT have been procured at Indian Ports of all the grades. Compared to last month
i.e. February 2024, Import of the country has decreased by 8% in the month of March 2024. Indian State Oil
PSU’s IOC/BPCL/ HPCL prices change are awaited. Major imports are from South Korea, Singapore, UAE, Saudi
Arabia, USA, Bahrain, Spain, Qatar, Malaysia, Belgium, Thailand, Australia etc. Hefty Discounts are also offered
by refiners for lifting sizeable quantity. Group I Base Oil prices for neutrals SN - 150/500 (Russian and Iranian
origin) are offered in the domestic market at Rs. 71.35 – 71.50/ 77.35 – 77.50 per liter and GST as applicable
Ex Mumbai/JNPT in bulk for one tanker load.

Approx. 9590 MT of Base Oil Arrived at Indian Ports.

Approx. 9590 MT of base Oil in the vessels Furano Galaxy & Hakone Galaxy at the port JNPT

Base Oil Cargo Vessels Expected at Indian Ports on April 16, 2024
Product Quantity in MT Vessel Name Date Port
Base Oil 3090 Furano Galaxy 16.04.2024 JNPT
Base Oil 6500 Hakone Galaxy 19.04.2024 JNPT

BS 150 CFR India current prices reported in the range of USD 1195 – 1210 PMT. BS 150 CFR India prices were
oscillating in the range of USD 1175 – 1190 PMT in January, USD 1155 – 1170 PMT in February and USD 1175
– 1190 PMT in March 2024 . In current month i.e. April 2024, prices of the product have increase by USD 20
PMT (2%) compared to last month & reported in the range of USD 1195 – 1210 PMT. Prices are down USD 15
PMT (1%) in April 2024, as compared to same period last year i.e. April 2023. Since January 2024, prices are
down by USD 20 PMT (2%) in April 2024.

J 500 CFR India current prices reported in the range of USD 890 – 905 PMT. J 500 CFR India prices were
oscillating in the range of USD 960 – 975 PMT in January, USD 930 – 945 PMT in February and USD 870 – 850
PMT in March 2024. In current month i.e. April 2024, prices of the product are up by USD 20 PMT (2%) compared
to last month & reported in the range of USD 890 – 905 PMT. Prices are down by USD 55 PMT (6%) in April
2024, as compared to same period last year i.e. April 2023. Since January 2024 prices have up USD 70 PMT
(7%) in April 2024.

SN 70 CFR India current prices reported in the range of USD 890 - 905 PMT. SN 70 CFR India prices were
oscillating in the range of USD 890 - 905 PMT in January, USD 870 - 885 PMT in February and USD 870 - 885
PMT in March 2024. In current month i.e. April 2024, prices of the product Prices are up by USD 20 PMT (2%)
compared to last month & reported in the range of USD 890 - 905 PMT. Prices are down USD 40 PMT (4%) in
April 2024, as compared to same period last year i.e. April 2023. Since January 2024, prices have remain same
in April 2024.

SN 150 CFR India current prices reported in the range of USD 910 – 925 PMT. SN 150 CFR India prices were
oscillating in the range of USD 905 – 920 PMT in January, USD 880 – 895 PMT in February and USD 890 – 905
PMT in March 2024. In current month i.e. April 2024, prices of the product prices are up by USD 20 PMT (2%)
compared to last month & reported in the range of USD 910 – 925 PMT. Prices are down by USD 20 PMT (2%)
in April 2024, as compared to same period last year i.e. April 2023. Since January 2024, prices have down by
USD 5 PMT (1%) in April 2024.

TOBS 60 CFR India current prices reported in the range of USD 880 – 895 PMT. TOBS 60 CFR India prices
were oscillating in the range of USD 875 – 890 PMT in January, USD 855 – 870 PMT in February and USD 860
– 875 PMT in March 2024. In current month i.e. April 2024, prices of the product prices are up by USD 20 PMT
(2%) compared to last month & reported in the range of USD 880 – 895 PMT. Prices are down by USD 55 PMT
(6%) in April 2024, as compared to same period last year i.e. April 2023. Since January 2024, prices have down
by USD 5 PMT (1%) in April 2024.

SN 500 CFR India current prices reported in the range of USD 890 – 905 PMT. SN 500 CFR India prices were
oscillating in the range of USD 890 – 905 PMT in January, USD 865 – 880 PMT in February and USD 870 – 885
PMT in March 2024. In current month i.e. April 2024, prices of the product have increase by USD 20 PMT (2%)
compared to last month & reported in the range of USD 890 – 905 PMT. Prices are down by USD 65 PMT (7%)
in April 2024, as compared to same period last year i.e. April 2023. Since January 2024, prices have remain
same in April 2024.
 CFR Base Oil Prices in USD PMT for JNPT, India
1800 baseoilreport.com
1600
Bright Stock 150
1400
1200 J 500
1000 SN 500
800 SN 70
600
SN 150
400
200 TOBS 60
0
Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24

India Base Oil Import March 2024

Company Quantity MT
SAVITA OIL TECHNOLOGIES LTD 37299
RAJ PETRO SPECIALITIES PVT LTD 23799
SHELL INDIA MARKETS PVT LTD 18701
APAR INDUSTRIES LTD 17871
EXXONMOBIL LUBRICANTS PVT LTD 17536
SIDHE PETROCHEMICALS PVT LTD 15856
GANDHAR OIL REFINERY (INDIA) LTD 15835
CASTROL INDIA LTD 13830
PANAMA PETROCHEM LTD 12910
GULF OIL LUBRICANTS INDIA LTD 11059
VALVOLINE CUMMINS PVT LTD 9667
INDIAN OIL CORPORATION LTD 9347
NANDAN PETROCHEM LTD 8632
BHUVI PETROLEUM PVT LTD 6558
COLUMBIA PETRO CHEM PVT LTD 5953
GS CALTEX INDIA PVT LTD 5653
IDEMITSU LUBE INDIA PVT LTD 5479
HINDUSTAN PETROLEUM CORPORATION LTD 4770
TATA INTERNATIONAL LTD 4554
RAJKAMAL INDUSTRIAL PVT LTD 4281
UNICORN PETROLEUM INDUSTRIES PVT LTD 4090
STANDARD GREASES AND SPECIALITIES PVT LTD 3889
TOTALENERGIES MARKETING INDIA PVT LTD 2814
GP PETROLEUMS LTD 1950
ARABIAN PETROLEUM LTD 1869
JELL PHARMACEUTICALS PVT LTD 1462
FOUR SQUARE IMPEX 1430
MALHOTRA LUBRICANTS PVT LTD 1394
VANI CHEMICALS PVT LTD 1112
TIDE WATER OIL CO (INDIA)LTD 1091
ZETWERK MANUFACTURING BUSINESSES PVT LTD 1000
ROSSARI BIOTECH LTD 996
SPEED LUBRICANTS 950
JEYENKAY PETROGELS PVT LTD 926
 ROYAL PETRO OIL REFINERY LLP 904
ROYAL ART IMPEX (INDIA) PVT LTD 859
UNIVERSAL PETRO-CHEMICALS LTD 794
M V SHIPTRADE PVT LTD 707
ROYAL PETRO SPECIALITIES PVT LTD 706
PLATINA OIL FIELD PVT LTD 703
MPCL INDUSTRIES LTD 700
SHOBHA EXIM PVT LTD 590
TC INTERNATIONAL 526
SAI OM PETRO SPECIALITIES LTD 524
SHARP ENTERPRISE 515
KENERGIE INDUSTRIES PVT LTD 501
GOC PETROCHEMICALS PVT LTD 481
MEHTA PETRO-REFINERIES LTD 417
PARAS LUBRICANTS LTD 413
GADHIA LUBE OIL AGENCY 404
RAJSHA ORGANICS PVT LTD 404
CAULDRON PETROTECH INDIA PRVT LTD 403
AADHAR INTERNATIONAL 401
AXAT IMPEX LLP 401
AMIT PETROLUBES PVT LTD 400
SIDDHARTH GREASE AND LUBES PVT LTD 342
MAHABHAGWANI DEVI ENTERPRISES PVT LTD 335
UNITED SHIPPING COMPANY 332
GURUNANAK LUBRICANTS 328
ARYAN PETROLEUM 309
DEEP JYOTI WAX TRADERS PVT LTD 305
SHREE SALASAR INTERNATIONAL 305
GAYATRI ENTERPRISES 303
RISING SUN INTERNATIONAL 303
ITCO INDUSTRIES LTD 300
OCEAN PETROLEUM 291
UNITED CHEMICAL INDUSTRIES 255
GAJANAN PETROCHEMICAL INDUSTRY 250
NYNAS NAPHTHENICS PVT LTD 248
NEUTRON LUBRICANTS AND ENERGY LLP 237
MEHER PETRO-CHEM PVT LTD 234
VRAJMANGAL LIQUID MOVERS AND TRADERS PVT LTD 212
MANGALI INDUSTRIES LTD 211
GOMTI INTERNATIONAL 206
FINE REFINERS PVT LTD 203
LUBZONE INDIA PVT LTD 202
ANVIKA INTERNATIONAL 202
GUJARAT OIL AND CHEMICALS 201
J S EXPORTS (INDIA) 198
FUCHS LUBRICANTS (INDIA) PVT LTD 194
VARDHMAN TRADING CO 193
G R AGRO AND COMMODITIES 189
NAVYA WASTE AND USED OIL RE-REFINING AND RE-CYCLIN 179
 PANNALAL MAHESH CHANDRA JEWELLERS 150
SRI LAKSHMI NARAYANA INDUSTRIES 142
BALAJI INTERNATIONAL 139
ABP COMPANY 121
ROYAL LUBRICANTS 116
SUPREME PETRO PRODUCTS 109
REVOLUTION PETROCHEM LLP 106
WITMANS INDUSTRIES PVT LTD 104
SHREEJI PETROTECH (INDIA) PVT LTD 103
SATKAR OIL CO 102
MEHAR ENTERPRISES 102
KAWALITY CHEMICALS 101
LUCKY GENERAL TRADING LLP 100
KABRA OVERSEAS 100
GALAXY TRADERS 100
PRIME EXPORTS 100
AONE LUBRICANTS PVT LTD 100
INDIA TRADE LINKS 100
ZIDAN TRADING PVT LTD 100
DHANANJAY PLAST 99
ASSOCIATED ELECTROCHEMICALS PVT LTD 83
SK LUBRICANTS AND OILS INDIA PVT LTD 80
ZEN WASTE OIL RECYCLING INDUSTRY 73
BOSTIK INDIA PVT LTD 62
MAHATHI LUBES AND FUELS 52
SHRIYA METALS AND CHEMICALS 42
MAHAGANAPATI LUBRICANTS PVT LTD 41
BRENDOL LUBRICANTS 40
PHOENIX INDIA 33
SWARAJ LUBRICANTS 33
N C OIL REFINERY PVT LTD 30
OMM SAI REFINERY 28
PLUS LUBRICANTS 25
GARG AUTO AIDS 25
SAHARA INDUSTRIES 22
HAZEL MERCANTILE LTD 18
SRI VENKATESWARA LUBRICANTS 11
K M OILS PVT LTD 10
R S OIL INDUSTRIES 8
ARIHANT AGRO INDUSTRIES 3
TOTAL 296295

India's Rubber Process Oil Import March 2024

Company Total
PANAMA PETROCHEM LTD 4771
RAJKAMAL INDUSTRIAL PVT LTD 490
TC INTERNATIONAL 258
UNITED CHEMICAL INDUSTRIES 255
GOMTI INTERNATIONAL 206
 J S EXPORTS (INDIA) 198
VARDHMAN TRADING CO 193
PANNALAL MAHESH CHANDRA JEWELLERS 150
APAR INDUSTRIES LTD 140
GARG AUTO AIDS 25
TOTAL 6685

Rubber Process Oil Exporters to India in March 2024

Company Total
GALWAY RESOURCES FZC 4199
LEGACY VENTURES TRADING CO L L C 572
MACDOWS ENERGY DMCC 513
TRIUMPH GLOBAL FZE 490
AL MATN GOODS WHOLESALERS LLC 206
ABDUL QAWI AZEEZ TRADING LLC 198
VERVE METAA GENERAL TRADING FZCO 193
MEHRAB AL THAHBI WHOLESALERS TRADING LLC 150
XIAMEN HENGRUN PETROCHEMICAL CO LTD 140
SERENA INTERNATIONAL TRADING FZCO 25
TOTAL 6685

Base Oil Exporters to India in March 2024

Company Quantity MT
S OIL CORPORATION 67964
EXXON MOBIL ASIA PACIFIC PTE LTD 48355
S OIL SINGAPORE PTE LTD 21724
GS CALTEX CORPORATION 20670
TRAFIGURA PTE LTD 19931
SHELL EASTERN TRADING (PTE) LT 19802
SINO COAST LTD 10961
PETRO STAR FZE 10609
SK ENMOVE CO LTD 8717
ABU DHABI NATIONAL OIL COMPANY 5962
SUPERBASICOS INC 5498
GALWAY RESOURCES FZC 4199
BRIGHT COMMODITIES FZE 3510
IDEMITSU LUBE ASIA PACIFIC PTE LTD 2987
JSM PETRO TRADING FZE 2975
MEHRAB AL THAHBI WHOLESALERS TARDING LLC 2897
POTWIN TRADING LLC 2542
CHEMONE CORPORATION 2177
FEEDCO S A 1808
ABDUL QAWI AZEEZ TRADING L L C 1799
AL MATN GOODS WHOLESALERS L L C 1735
XIAMEN HENGRUN PETROCHEMICAL CO LTD 1650
SUNGLANZ PETROLEUM FZC 1520
GHANISH ENERGY FZE 1102
MACDOWS ENERGY DMCC 1089
ERGON INTERNATIONAL MEA INC 1001
 GANISH ENERGY FZE 1000
SMART LUBE TRADING LLC FZ 833
RSFR TRADING L L C 802
KDR PETROCHEMICALS TRADING LLC 800
TENOIT CO LTD 784
ALPHA NATIONS PTE LTD 730
ARMAN INTERNATIONAL FZE 710
TRIUMPH GLOBAL FZE 695
SERENA INTERNATIONAL TRADING FZCO 632
DUKHAN PETROLEUM 622
GEMINI INTERNATIONAL TRADING FZCO 622
QLP VENTURE FOR TRADING 604
LEGACY VENTURES TRADING CO L L C 572
HABEEBEE JAWON CO LTD 515
RN LUBRICANTS LLC 466
UNISOURCE ENERGY LLC 460
TO THE ORDER OF THE VESSEL 459
WARDAK FZE 434
AGAS LUBES W L L 403
SAGOOSA TRADING FZE 401
GAMA LUBRICANTS TRADING L L C 362
NAZPAL OIL ENERGY LLC 335
LENOX FOR GOODS WHOLESALERS CO LLC 303
MB PETROLEUM FZC 302
HIND CORPORATION FZE 300
JOPLIN TRADING F Z E 296
NYNAS AB 248
MIDDLE EAST RECYCLING COMPANY W L L 241
TUDAPETROL MINERALOLERZEUGNISSE NILS HANSEN GMBH AND 234
ERGON REFINING INC 225
REGAL PETRO TRADING FZE 211
SBC PETROCHEMICAL PTE LTD 210
MITSUI AND CO LTD 210
FORTUNE ARSEN INTERNATIONAL TRADING FZCO 208
PLOUTON INCORPORATED 208
LYONED TRADING CO LLC 206
TRIDOX TRADING LLC 204
N K S GENERAL TRADING LLC 203
ALHASOOB ALRAQI TRADING L L C 203
AA GULF FZE 203
ISU EXACHEM CO LTD 200
SOUTHERN OIL REFINING PTY LTD 200
BLACK WATER PETROCHEMICAL TRAIDING FZE 199
NOMURA TRADING CO LTD 199
SBAD GENERAL TRADING FZE 195
SAHAT ALSAMA TRADING L L C 195
VERVE METAA GENERAL TRADING FZCO 193
AFRO ASIAN CONSULTANCY SERVICES FZ LLC 192
MERCATUS TRADING LLC 189
 BLACKWALL PETROCHEMICALS FZE 183
COASTAL ENERGY LLC 159
CHEVRON BELGIUM BV 152
CHEMLUBE S A 150
YMAX COMMODITIES TRADING L L C 129
EVOLVING GULF ENVIRONMENTAL SYSTEMS 128
ROYAL SIGN GENERAL TRADING AND CONT 117
ADVANCED ROUTE OIL TRADING LLC 104
AURUM ENGERGY FZC 102
SAR GENREAL TRADING LLC 100
SMART GLOBAL GENERAL TRADING LLC 100
NATIONAL PETROLEUM PRODUCTS COMPANY 100
RISH ENTERPRISE LLC FZ 99
MAERSK GIBRALTAR 95
CAPSAN VINCENT 93
NYNAS PTE LTD 83
LIGNITE TRADING FZCO 82
MV BFAD PACIFIC 74
EVER GAINING (HONG KONG) LTD 62
MT LUCIA 59
BOOTES ENTERPRISES CO S A 58
M V SAESPAN OCEANIA 54
MV CAPE STORK 52
MV AL KARAMA 47
M V FAYSTON FARMS 45
MV MOGRAL 43
SM MANALI 43
MAERSK STRALSUND 43
M V MAERSK PITTSBURGH 41
MAHAGANAPATI PETROCHEMICAL (FZCO) 41
LOGLINK INTERNATIONAL SHIPPING L L C 40
RASHA GULF OIL TRADING FZC 40
MAERSK ZAMBEZI 40
CAPSAN LAZARO 39
GRASMERE MAERSK 38
SC MARA 38
MAERSK HARTFORD 38
MV BULK NORTHVILLE 35
MV AIKATRINI 33
M V FIOVOS 33
MV STAR ZULU 33
M V MARAN FUTURE 32
M V BLPL TRUST 32
MV NBA PEACE 31
THE SHIPPING CORPORATION 31
AUTUMN HARVEST SHIP MANAGEMENT 30
M V PAN FREEDOM 30
MV GREEN ACE 29
VENEZIA ENTERPRISES CO 28
 MV GRAMPUS ACE 25
M V PAC CANOPUS 25
MAERSK VIRGINIA 24
M V VISHVA ANAND 23
NORD PANTHER 22
MV HERO 22
SAMUDERA SHIPPING LINE (INDIA) PVT LTD 22
M V GFS SAPPHIRE 22
NARA 20
MV IRENES RHYTHM 19
MV NAVIOS AURORA 19
MV BROAD YUAN 19
MV SPRING BREEZE 18
HALSTED 18
DINOWIC PTE LTD 18
MV KEEPER 18
ANGLO RED SHIPPING LTD 17
PETRO VIETNAM TRANSPORT CORPORATION 17
MV BETEIGUEZE 15
M V ARION 15
M V MAXWELL 15
MV NORDPANTER 14
MV NIKOLAS D 14
M V GREEN K MAX 2 14
M V CELSIUS NAIROBI 14
M V MAERSK CARDIFF 14
MV CAPE CONDOR 13
M V TAICHUNG 12
MT MONAX 11
MV OCEAN CROWN 11
M V ORIENT GLORIA 10
AMOUREUX 9
M V SOL PIONEER 9
ASTERIOS 8
MV KAVO YERAK I 7
SEA NET SHIPPING CO LTD 7
M V LADY DIMINE 6
LION TANKERS PTE LTD 6
MV KOTA HAKIM 6
M V LC ARAMIS 6
FUCHS LUBRICANTS GERMANY GMBH 5
TOTAL 296295

The Indian domestic market Korean origin Group II plus N-60–70/150/500 prices at the current level is
marginally up for lighter grades and heavier grades. As per conversation with domestic importers and traders’
prices for N – 70/ N - 150/ have retraced and at the current level are quoted in the range of Rs. 69.95–
70.10/70.85-71.15/ per liter in bulk plus 18% GST as applicable while N – 500 is around Rs. 77.60-77.75 per
liter. Discounts being offered for sizeable quantity. The above-mentioned prices are offered by a manufacturer
who also offers the grades in the domestic market, while another importer trader is offering the grades cheaper
by Rs.0.30 – 0.35 per liter on basic prices. Light Liquid Paraffin (IP) is priced at Rs. 71.15 – 71.30 per liter in
bulk and Heavy Liquid paraffin (IP) is Rs.79.90 – 80.15 per liter in bulk respectively plus GST as applicable.
Rubber Process Oil - RPO (Aromatic Extract) CFR India prices are moving in a range of Rs. 435 - 445 PMT
packed in barrels of 205 Kg. Imports of Rubber Process Oil - RPO (Aromatic Extract) to India during the month
of February 2024 is 5834 MT.

During the period January to February 2024, India imported 635269 MT of Base Oil. The 276646 MT (44%)
from South Korea, 90483 MT (14%) from Singapore, 71962 MT (11%) from UAE, 54343 MT (9%) from Saudi
Arabia, 37058 MT (6%) from USA, 21689 MT (3%) from Spain, 20322 MT (3%) from Taiwan, 18231 MT (3%)
from Russia, 14466 MT (2%) from Qatar, 9149 MT (2%) from Oman, 5446 MT (1%) from Sweden & 15474 MT
(2%) from other countries. India imported the huge quantum in small shipments on different ports like 2400851
MT (63%) into Mumbai, 73261 MT (12%) into JNPT, 40041 MT (6%) into Mundra, 35547 MT (6%) into Chennai,
30744 MT (5%) into Kandla, 28744 MT (5%) into Hazira, 13161 MT (2%) into Kolkata, 6996 MT (1%) into Dighi,
3432 MT (1%) into Pipavav & 2492 MT into Other ports.

During the period January to February 2024, India imported 635269 MT of Base Oil which comprises 312216
MT (49%) of Base Oil N-60/70/TOBS/SN-70/SN-90/HVI, 173430 MT (27%) of J-150/N-100/N-150/N-250,
60157 MT (9%) of J-500/N-500/N-600, 32179 MT (5%) of SN-500/AP CORE 600/SN-400, 18696 MT (3%) of
Bright Stock- 150, 11848 MT (2%) of Napthenic Transformer Base Oil, 10772 MT (2%) of Rubber Process Oil,
8229 MT (1%) of Hygold 100/500/2000/4000 Tuffalow and 7024 MT (2%) of SN 100/130/150/APCORE 150/SN-
180, 717 MT of Waste Oil.

India Base Oil Import in MT January to February 2024 www.baseoilreport.com

Country Jan-24 Feb-24 Total
South Korea 134966 141680 276646
Singapore 46641 43842 90483
UAE 52643 19319 71962
Saudi Arabia 26284 28059 54343
USA 19198 17861 37058
Spain 3887 17802 21689
Taiwan 8364 11958 20322
Qatar 11807 2659 14466
Iraq 766 353 1119
Total For The Above 304555 283533 588088
Total For Other Countries 28257 18924 47181
Grand Total 332812 302457 635269

Origin wise Import of Base Oil into India -

Country, QTY MT & % Jan - February 2024

SOUTH KOREA
SINGAPORE
14% UAE
SAUDI ARABIA
43% USA
44%
SPAIN
9% TAIWAN
RUSSIA
6%
3% QATAR
2%1%
2%2% 3% 3% OMAN
SWEDEN
OTHER COUNTRIES
 Ports wise Import of Base Oil into India -
Country, QTY MT & % Jan - February 2024

MUMBAI
JNPT
MUNDRA
63%
CHENNAI
KANDLA
12%
HAZIRA
KOLKATA
6%
DIGHI
6%
0% 5% PIPAVAV
1%
1%2% 4%
OTHER PORTS

Grade wise Import of Base Oil into India -

Country, QTY MT & % Jan - February 2024
Base Oil N-60/70/TOBS/SN-70/SN-
90/HVI
J-150/N - 100/N-150/N-250

J-500/N-500/N-600

49% SN-500/AP CORE 600/SN-400

27% Bright Stock -150

Napthenic Transformer Base Oil

0% Rubber Process Oil

1%
1%2%2% 10%
3% 5% Hygold 100/500/2000/4000 Tuffalow

SN-100/130/150/APCORE150/SN-180

Waste Oil

Disclaimer
It is our intention to ensure that the information on this report is accurate and complete; however,
we are not liable for any errors, inaccuracies, or omissions. The majority of information is liable to
change without any intimation or notice. Petrosil will not be responsible for any decisions made based
on the information provided on this web site.