The gradual decline of API Group Ⅰ base stock production has been well documented in Lubes'n'Greases over the years. The changes to marine fuel specifications because of IMO 2020 followed by plummeting fuel demand due to COVID-19 lockdowns has accelerated the trend of Group Ⅰ plant closures in Europe and placed some others on significantly reduced run rates. However, according to Lubes'n'Greases base oil editor Gabriela Wheeler, demand and supply remained roughly balanced in 2020. (Check out Gabriela's monthly column, Base Oil Report: Pricing, on Page 8.).
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