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Market insight papers

Russian base oils target European export markets

US and EU sanctions and boycotts on Russian companies and oil products have changed typical global base oil trade flows, with a large volume of Russian supply that typically moved to Europe targeting alternative markets such as Turkey and Latin America instead.

Explore how prices and trade flows are changing dramatically for base oils in 2023 with this white paper.

We examine how:

  • Russian base oils exiting the European market on the outbreak of the Ukraine conflict meant supplies tightened in Europe and spot prices surged
  • EU sanctions on Russian banking/payment and dropping demand weighed on Russian base oil prices
  • Russian volumes sought other outlets and targeted typical European export hubs including Turkey, West Africa, and Latin America
  • More competitive pricing and a lack of sanctions spurred these changes in trade flows
  • Read our analysis in more detail with this new white paper from our global base oils team.

Download the white paper

About Argus Media

As a leading authority on energy and commodity markets across the globe, Argus is uniquely positioned to provide in-depth analysis and expert thought leadership. Our white papers are carefully written by Argus specialists from across our company. Each white paper focuses on a topical theme, exploring areas such supply and demand dynamics, price trends, trading activity and changing regulations. We always aim to provide a balanced view, underpinned by data and insight gathered first hand from the market.