The Base Oil market in Saudi Arabia surged during April on the back of tight spot flow and heightened demand following the Ramadan festive season. The traditional post-Ramadan period witnesses a significant increase in lubricant sales. This year, lubricant blenders across the Middle East, particularly after the Eid al-Fitr holiday, experienced a surge in demand. To meet this rise in lubricant production, businesses actively replenished their Base Oil stocks. This surge in buying activity, coupled with a limited supply, resulted in a Base Oil price hike in April xxxx.
Around this time of year, Arabian markets typically exhibit some strength as key businesses emerge from their winter hibernations and start to prepare for the busy seasons of spring and summer. Secondly, due to the Ramadan festival, many companies pre-purchased and stocked up on Base Oil supplies. This has increased satiated demand and increased pressure on immediate price...
