Argus launches European Group II base oils price assessments
July 12, 2013 (Source: PRNewswire) — Global energy and commodity price reporting agency Argus has launched assessments for European Group II base oils prices today. These are the first assessments in Europe for Group II base oils — the key component used to make high-end engine and industrial lubricants.
Demand for higher-quality base oils is rising globally in response to increasingly stringent fuel efficiency and vehicle emission requirements.
Global production of Group II base oils is surging in response, everywhere from Asia-Pacific to the Mideast Gulf and the US. Europe is the exception, with production still focused on Group I base oils. This makes Europe a key destination for Group II base oils originating from markets such as the US and Asia-Pacific.
“As markets move towards higher quality Group II base oils and international trade in the product grows, the importance of a reliable pricing infrastructure to support such changes increases,” Argus Media chairman and chief executive Adrian Binks said. “We are pleased to be the first to provide European Group II base oils spot price assessments to facilitate this development.”
The new prices are published weekly in Argus Base Oils, a global report covering base oils prices in key markets around the world.
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