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Origin-wise Base Oil Import into India, Jan-Sep 2017

The price of crude oil has touched the $60/ bbl mark, the highest since mid- 2015. Strong assurances from OPEC and Russia regarding the extension of the production cut deal has pushed oil prices above $60 per barrel, possibly bringing oil prices into a new higher range. OPEC, Russia and other oil exporting countries have pledged to hold back 1.8 million bpd in oil production in order to tighten markets until the end of March to drain a global supply glut, which is one of the key factors contributing to the oil price hike.

Port-wise Base Oil Import into India, Jan-Sep 2017

The Indian base oil market remains steady with Inventories at optimum levels with surplus of imported grades. Compared to last month import of the country has decreased by 19% in the Month of September 2017.

Base oil month import Jan-Sep 2017

Base Oil Group I & Group II CFR India prices in USD PMT
Month Group I - SN 500 Iran Origin Group II -J-150 Singapore Origin N- 70 South Korea Origin Rubber Process Oil (Aromatic)
September 2017 710 – 715 685 - 695 655 - 665 380 - 395
October 2017 725 – 730 700 - 710 670 - 680 395 - 410
November 2017 745 – 750 720 - 730 690 - 700 415 - 430
Prices Sep-Nov 2017 Gone up by USD 35 PMT (5%) Gone up by USD 35 PMT (5%) Gone up by USD 35 PMT (5%) Gone up by USD 35 PMT (9%)

About the Author

Dhiren Shah

Dhiren Shah is a Chemical Engineer and Editor-in-Chief of Petrosil Group, who started his career with a reputed transformer oil manufacturing company in India as Sales Engineer and enhanced his knowledge by undergoing a business management course at the Indian Merchants Chamber. He later ventured and specialized in imports and logistics of petroleum products for 10 years and in 2002 became part of the Petrosil Group. He is instrumental in developing the various Petrosil brands. He loves to read and travel and is also an avid internet surfer. Contact Dhiren at dhiren@petrosil.com

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