11 Apr 2025

India’s Base Oils Output Drops, Imports Tighten; Thailand’s Supply Rebounds

• India’s base oils output dropped to a four-month low of 99,000 tonnes in February, down from 120,000+ tonnes in previous months. Production is expected to remain low due to plant maintenance, increasing reliance on overseas imports and pressuring stock levels.

• India’s base oils output fell due to plant maintenance, cutting supply to a six-month low. Imports dropped, squeezing inventories ahead of March’s peak demand. Despite an expected Q2 slowdown, low stocks may keep import demand firm.

• Thailand’s Group I base oils output rebounded to 51,400 tonnes in February, up from an 11-month low of 46,100 kilolitres in January, boosting supply ahead of March’s peak lube demand.