The Middle East has become an export hub for Base Oils as Iran and UAE ship large Group I and III cargoes respectively to Europe and Asia every month

Middle East Gulf has become an export hub for base oils.Huge quantity of Iranian origin Group I Base oils heavy neutrals of approximately 27000 - 29000 MT is scheduled for despatch to Pakistan, India and UAE. Prices are expected to be in the range of USD 705 - 725 pmt FOB Iran, while quality grade demand s a premium of USD 30 - 40 pmt. It is also being informed that large parcels of Group III of about 50000 - 65000 MT from Middle East is scheduled for Asia and Europe region.Prices are in the range of USD 715 - 735 pmt for 4 & 6cST respectively.