Group I Group I base oils supply was stable in Q2 while lockdowns and other restriction measures to control the coronavirus outbreak continued. While shipments from Iran were delayed, onshore supply in the main trading hub, the UAE, was sufficient to meet market needs. Group II Group II base oils demand was severely dampened in Q2 due to lockdowns and virus-control restrictions. Additionally, congestion at ports in the UAE caused major delays for import shipments and buyers were hesitant to procure deep-sea product on concerns of higher costs. Group III Group III base oils supply was sufficient through Q2, although port congestion in the UAE caused delays to some shipments. A major Middle Eastern producer resumed production after maintenance shutdown, but the output rates remain unclear. Demand for Group III base oils was dampened by lockdown measures to contain the coronavirus outbreak as well as by port congestion in the UAE. https://www.icis.com/explore/commodities/energy/base-oils-lubes/
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