Base Oil Price Trend and Forecast

Base Oil Price Trend Q1 2025

In Q1 2025, the global Base Oil market showed a mixed to slightly bearish tone across major regions, with percentage changes ranging from -5.34% to +2.59%. The steepest decline was recorded in the USA, driven by reduced export momentum and robust refinery runs. Meanwhile, India and Singapore registered modest gains due to consistent imports and stable demand.

The Asia-Pacific region remained largely steady, with South Korea and Indonesia showing minimal fluctuation. Middle Eastern suppliers like the UAE and Saudi Arabia experienced slight price shifts amid balanced exports. Overall, the Base Oil price trend in Q1 was shaped by healthy availability, cautious purchasing behaviour, and relatively flat freight dynamics. 

USA 

Base Oil Export Price from the USA, Grade: Group II (220N) FOB New Orleans

In Q1 2025, the Base Oil price in the USA declined by 5.34%, with FOB New Orleans offers between USD 735–765 per metric ton. The Base Oil price trend in the USA continued to weaken due to oversupply conditions and poor export demand. The Base Oil prices in Q1 2025 dropped steadily as refineries ran at high rates, and storage constraints prompted sellers to lower offers. A lack of aggressive buying interest globally and subdued industrial activity weighed on overall market sentiment. Freight remained steady but had little effect in offsetting the bearish tone. 

South Korea 

Base Oil Export Price from South Korea, Grade: Group II (500N) FOB Daesan Port

The Base Oil price in South Korea declined marginally by 0.36% in Q1 2025, with FOB Daesan Port offers ranging from USD 895–957 per metric ton. The Base Oil price trend in South Korea remained relatively flat due to stable demand from key export destinations. The Base Oil prices in Q1 2025 held within a tight range as buyers took a cautious approach amid uncertain macroeconomic signals. Korean producers maintained steady supply levels, and competition remained manageable, helping limit further downside. Freight costs were largely unchanged and had minimal impact on trade. 

Taiwan: Base Oil Export Price from Taiwan, Grade: Group II (500N) FOB Mailiao

In Q1 2025, the Base Oil price in Taiwan rose by 2.59%, with FOB Mailiao offers between USD 940–983 per metric ton. The Base Oil price trend in Taiwan was buoyed by strong international demand and tightened supply. The Base Oil prices in Q1 2025 moved upward as traders covered shortfalls and restocking picked up. Despite higher costs, buyers in India and Southeast Asia continued to source Taiwanese cargoes due to reliable supply chains. The overall sentiment remained firm with suppliers holding prices amid favorable currency movements. 

UAE: Base Oil Export Price from the UAE, Grade: Group I (SN500) FOB Jebel Ali

The Base Oil price in the UAE edged up by 0.24% in Q1 2025, with FOB Jebel Ali offers ranging between USD 837–862 per metric ton. The Base Oil price trend in the UAE was stable, with balanced export demand and consistent production. The Base Oil prices in Q1 2025 showed slight firmness as suppliers maintained offers in a relatively calm market. North African and South Asian buyers remained active, supporting price stability. Traders remained cautious but optimistic about volumes moving forward into Q2. 

Saudi Arabia: Base Oil Export Price from Saudi Arabia, Grade: Group II (110N) FOB Yanbu

The Base Oil price in Saudi Arabia declined by 4.65% in Q1 2025, with FOB Yanbu offers between USD 773–799 per metric ton. The Base Oil price trend in Saudi Arabia showed downward momentum as export volumes outpaced consumption in key markets. The Base Oil prices in Q1 2025 moved lower due to aggressive pricing from other Gulf producers and lackluster demand. Despite steady production, inventory buildup led to discounts in spot transactions. Sellers adopted a wait-and-watch strategy as Q2 approached. 

Singapore: Base Oil Export Price from Singapore, Grade: Group II (500N) FOB Port of Singapore

In Q1 2025, the Base Oil price in Singapore rose by 1.78%, with FOB Port of Singapore offers ranging between USD 964–1025 per metric ton. The Base Oil price trend in Singapore reflected modest growth driven by steady export demand from neighboring countries and balanced production levels. The Base Oil prices in Q1 2025 maintained resilience despite minor global crude oil price fluctuations. Stable freight costs during the quarter supported market stability, enabling suppliers to keep pricing competitive in key regional markets. 

Indonesia: Base Oil Import Price in Indonesia from South Korea, Grade: Group II (150N) CIF Jakarta

In Q1 2025, the Base Oil price in Indonesia declined slightly by 0.17%, with CIF Jakarta offers from South Korea ranging between USD 951–1015 per metric ton. The Base Oil price trend in Indonesia remained largely stable amid steady supply and controlled import volumes. The Base Oil prices in Q1 2025 were maintained by consistent demand from local blenders and minimal freight cost fluctuations. Competitive regional supply and balanced inventories supported pricing stability throughout the quarter. 

Base Oil Price Trend Q2 2025

In Q2 2025, the global Base Oil market displayed modest bullish activity in select regions, with percentage changes ranging from -3.37% to +7.36%. Strong gains were noted in Indonesia, South Korea, and Taiwan, as demand recovery and tight supply supported prices. India saw a minor uptick backed by stable imports from the UAE, while Saudi Arabia and the USA experienced slight declines amid surplus availability.

Price movement across Asia-Pacific was largely positive, whereas North America and the Middle East reflected pressure from competitive global supply. The Base Oil price trend in Q2 remained influenced by export competitiveness, market restocking, and regional trade flows. 

USA 

Base Oil Export Price from the USA, Grade: Group II (220N) FOB New Orleans

In Q2 2025, the Base Oil price in the USA continued its downward trend, falling by 3.37%, with FOB New Orleans offers ranging between USD 715–735 per metric ton. The Base Oil price trend in the USA reflected persistent oversupply, sluggish export demand, and lower feedstock costs. The Base Oil prices in Q2 2025 were under pressure as global trading slowed and North American refiners adjusted output levels accordingly. While domestic offtake remained relatively steady, competitive international markets forced suppliers to revise offers, particularly toward the latter part of the quarter. Lower logistics costs also weighed on overall price realizations. 

South Korea 

Base Oil Export Price from South Korea, Grade: Group II (500N) FOB Daesan Port

In Q2 2025, the Base Oil price in South Korea rose by 6.91%, with FOB Daesan Port offers ranging between USD 988–1005 per metric ton. The Base Oil price trend in South Korea remained bullish due to constrained supply availability and steady demand across Asia. Base Oil prices in Q2 2025 climbed in response to planned maintenance shutdowns and tighter regional inventories. Korean producers benefitted from increased inquiries from Southeast Asia and India, which kept prices firm despite some freight volatility. Positive sentiment in feedstock markets and tighter spot availability also contributed to the quarter’s upward momentum. 

Taiwan 

Base Oil Export Price from Taiwan, Grade: Group II (500N) FOB Mailiao

The Base Oil price in Taiwan witnessed an increase of 4.85% in Q2 2025, with FOB Mailiao values moving between USD 965–1070 per metric ton. The Base Oil price trend in Taiwan was supported by firm buying from regional importers and slightly reduced output during scheduled plant maintenance. The Base Oil prices in Q2 2025 reflected strong pull from India and Southeast Asia, which limited availability in the spot market. Sellers maintained price discipline in response to rising freight rates and tighter margins. The market remained firm throughout the quarter despite global uncertainties affecting other downstream chemical sectors. 

UAE 

Base Oil Export Price from the UAE, Grade: Group I (SN500) FOB Jebel Ali

In Q2 2025, the Base Oil price in the UAE declined slightly by 1.14%, with FOB Jebel Ali offers ranging between USD 821–865 per metric ton. The Base Oil price trend in the UAE showed softness, driven by rising domestic production and slower overseas inquiries. The Base Oil prices in Q2 2025 moved downward due to increased competition from other Middle Eastern and Asian suppliers. Despite stable refining rates, exporters adjusted their offers to protect market share. Demand from Africa and South Asia was cautious, leading to a subdued trading environment for most of the quarter. 

Saudi Arabia 

Base Oil Export Price from Saudi Arabia, Grade: Group II (110N) FOB Yanbu

The Base Oil price in Saudi Arabia increased slightly by 0.81% in Q2 2025, with FOB Yanbu offers ranging from USD 785–805 per metric ton. The Base Oil price trend in Saudi Arabia was supported by consistent demand from traditional export markets and stable production. The Base Oil prices in Q2 2025 remained rangebound despite occasional freight fluctuations and macroeconomic uncertainties. Regional buyers maintained steady procurement, and Saudi exporters benefitted from competitive positioning versus alternative Asian suppliers. Market confidence improved during the latter half of the quarter, pointing to a balanced outlook ahead. 

Singapore 

Base Oil Export Price from Singapore, Grade: Group II (500N) FOB Port of Singapore

In Q2 2025, the Base Oil price in Singapore showed minimal change, declining just 0.17%, with FOB Port of Singapore offers between USD 984–1005 per metric ton. The Base Oil price trend in Singapore reflected balanced supply-demand fundamentals with a slightly bearish tilt. The Base Oil prices in Q2 2025 remained stable due to consistent cargo flows and measured buyer activity in Southeast Asia. Traders opted for shorter-term contracts, keeping procurement volumes lean. While production levels remained firm, the competitive pricing landscape and cautious end-user sentiment limited upward momentum across the region. 

Indonesia 

Base Oil Import Price in Indonesia from South Korea, Grade: Group II (150N) CIF Jakarta

In Q2 2025, the Base Oil price in Indonesia surged by 7.36%, with CIF Jakarta offers from South Korea ranging between USD 1050–1070 per metric ton. The Base Oil price trend in Indonesia was driven by firm demand and limited spot availability. The Base Oil prices in Q2 2025 increased as buyers rushed to replenish inventories following a period of tight supply. Steady consumption, stronger freight costs, and robust regional trade flows further supported the upward momentum. Korean-origin cargoes gained popularity due to consistent delivery timelines and high quality. 

Base Oil Price Trend Q3 2025

In Q3 2025, the global Base Oil market turned predominantly bearish, with quarterly percentage changes ranging from -6.90% to +2.82%. The most significant declines were recorded in Taiwan and Saudi Arabia, as regional oversupply and weak downstream demand weighed heavily on pricing. Singapore, South Korea, and Indonesia also posted moderate reductions.

The UAE was the only market to record a price increase, supported by stable production and consistent export inquiries. Freight conditions remained steady across most ports, providing minimal cushion against overall pricing pressure. The Base Oil price trend in Q3 reflected oversupply, low seasonal demand, and cautious global procurement behavior.

USA: Base Oil Export Price from the USA, Grade: Group II (220N) FOB New Orleans.

In Q3 2025, the Base Oil price in the USA recorded a modest increase of 0.7%, with FOB New Orleans offers ranging between USD 660–763 per metric ton. The Base Oil price trend in the USA indicated gradual stabilization following sharper declines earlier in the year, supported by consistent export flows and modest demand recovery.

However, Base Oil prices in September 2025 registered a slight dip of 4.3% in the US, reflecting pressure from global oversupply and reduced downstream buying. US origin cargoes remained competitively priced, helping to maintain confidence among international buyers despite the uncertain economic landscape.

South Korea: Base Oil Export Price from South Korea, Grade: Group II (500N) FOB Daesan Port.

In Q3 2025, the Base Oil price in South Korea decreased by 4%, with FOB Daesan Port offers in the band of USD 915–998 per metric ton. The Base Oil price trend in South Korea mirrored regional oversupply and heightened competition among Asian refiners. Despite stable production output, Korean suppliers made pricing adjustments to maintain regional market share.

In September 2025, Base Oil prices in South Korea fell further by 3.1%, showing the impact of deferred buying and cautious procurement amid weak signals from end-user markets. South Korea continues to assess pricing strategies in line with evolving trade dynamics.

Taiwan: Base Oil Export Price from Taiwan, Grade: Group II (500N) FOB Mailiao.

In Q3 2025, the Base Oil price in Taiwan dropped sharply by 6.90%, with FOB Mailiao offers between USD 890–973 per metric ton. The Base Oil price trend in Taiwan signaled a significant correction following earlier gains, driven by tepid global demand and rising supply-side pressure. Taiwanese refiners responded by trimming offers and adjusting shipping cycles to avoid surplus buildup.

Base Oil prices in September 2025 declined by an additional 4.74% in Taiwan, emphasizing ongoing demand-side softness. Market participants now anticipate selective procurement patterns to dominate the outlook for Q4 as stakeholders await signs of broader consumption recovery.

UAE: Base Oil Export Price from the UAE, Grade: Group I (SN500) FOB Jebel Ali.

In Q3 2025, the Base Oil price in the UAE rose by 2.82%, with FOB Jebel Ali quotes ranging between USD 835–880 per metric ton. The Base Oil price trend in the UAE exhibited slight bullishness, supported by a steady export pace and firm demand from regional packaging and industrial sectors.

Despite global softness, the UAE benefited from efficient port logistics and price discipline. Base Oil prices in September 2025 saw a marginal decline of 1.62% in UAE, suggesting late-quarter hesitation among buyers. However, market momentum remained intact, and the outlook for Q4 remains cautiously optimistic.

Saudi Arabia: Base Oil Export Price from Saudi Arabia, Grade: Group II (110N) FOB Yanbu.

In Q3 2025, the Base Oil price in Saudi Arabia fell by 6.3%, with FOB Yanbu offers spanning USD 718–786 per metric ton. The Base Oil price trend in Saudi Arabia highlighted increasing pressure from inventory buildup and softer inquiries from traditional export destinations. Producers responded by offering more competitive rates to retain market share.

Base Oil prices in September 2025 declined further by 2.0% in Saudi Arabia, reinforcing the bearish tone in regional markets. Moving forward, suppliers are expected to closely watch Q4 demand trends and possibly recalibrate output to balance market fundamentals.

Singapore: Base Oil Export Price from Singapore, Grade: Group II (500N) FOB Port of Singapore.

In Q3 2025, the Base Oil price in Singapore declined by 5.5%, with FOB Port of Singapore quotes ranging between USD 920–958 per metric ton. The Base Oil price trend in Singapore underscored increased intra-Asian competition and a shift toward conservative buying behaviors. Regional buyers delayed purchases, anticipating better pricing ahead.

In Singapore, Base Oil prices for September 2025 slipped by 1.9%, suggesting continued caution and oversupply in the system. Singapore exporters adjusted their offers in response to thin demand, aiming to maintain liquidity while awaiting improved fundamentals later in the year.

India: Base Oil Import Price in India from UAE, Grade: Group I (SN500) CIF Nhava Sheva.

According to Price-Watch, in Q3 2025, the Base Oil price in India edged down by 0.94%, with CIF Nhava Sheva offers for UAE-origin SN500 ranging from USD 993–1085 per metric ton. The Base Oil price trend in India remained broadly steady due to consistent consumption and healthy import flow, though international supply pressure added mild bearish cues.

In India, Base Oil prices for September 2025 reflected a 2% decline, showing late-quarter buyer restraint. Indian importers maintained cautious procurement strategies, favoring spot purchases while monitoring exchange rate movements and upstream cost developments ahead of Q4 planning.

Indonesia: Base Oil Import Price in Indonesia from South Korea, Grade: Group II (150N) CIF Jakarta.

In Q3 2025, the Base Oil price in Indonesia dropped by 3.5%, with CIF Jakarta quotes for Korean origin 150N spanning USD 976–1060 per metric ton. The Base Oil price trend in Indonesia has been weighed down by surplus inventories and subdued industrial activity. Importers took a wait-and-see approach, avoiding long-term contracts.

Base Oil prices in September 2025 saw a 3.0% decline, highlighting the impact of weakened downstream demand and tight financing conditions. The market remained on alert for signs of economic improvement or restocking triggers that may influence Q4 pricing recovery.

Base Oil Price Trend Q4 2025

According to Price-Watch™, In Q4 2025, global Base Oil markets experienced widespread downward price pressure driven primarily by declining crude oil benchmarks that reduced feedstock costs and weakening refinery margins.

Base Oil price trends globally reflected oversupply conditions across major trading hubs, with Group II grades recording quarterly declines ranging from 6.81% to 8.54%. North American and European markets faced subdued demand from automotive and industrial lubricant sectors, contrasting with relatively stable consumption patterns in Asian markets.

Crude oil price volatility significantly impacted production economics, while favourable weather conditions across major shipping routes supported consistent logistics operations and supply chain reliability. The quarter concluded with producers implementing cautious output management strategies and traders executing year-end inventory optimization efforts amid evolving global trade dynamics and regional competitive pressures.

USA: Base Oil Group – II (220N) Export prices FOB New Orleans, USA

In Q4 2025, Base Oil Group II (220N) prices in USA experienced notable downward pressure amid oversupply conditions and subdued demand from automotive lubricant manufacturers. Base Oil price in USA for Group II (220N) material FOB New Orleans ranged between USD 650-675 per metric ton, recording an 8.54% quarterly decline.

The Base Oil price trend in USA was influenced by declining Crude Oil prices that reduced production costs, weakening refinery margins, and competitive pricing strategies among major producers. In December 2025, Base Oil prices decreased by 1.21%, supported by strategic inventory adjustments executed by blenders, normalized refinery operations maintaining adequate supply levels, and balanced year-end procurement activities.

South Korea: Base Oil Group – II (500N) Export prices FOB Daesan Port, South Korea

In Q4 2025, Base Oil Group II (500N) prices in South Korea demonstrated significant downward adjustment reflecting ample supply availability and moderate regional export demand. Base Oil price in South Korea for Group II (500N) material FOB Daesan Port ranged between USD 835-920 per metric ton, recording a 6.81% quarterly decline.

The Base Oil price trend in South Korea was influenced by lowered feedstock costs, normalized refinery throughput, and competitive export positioning across Southeast Asian markets. In December 2025, Base Oil prices decreased by 5.35%, supported by year-end inventory rationalization efforts and measured demand patterns from key importing nations.

Taiwan: Base Oil Group – II (500N) Export prices FOB Mailiao, Taiwan

In Q4 2025, Base Oil Group II (500N) prices in Taiwan experienced moderate downward pressure amid competitive regional supply dynamics and steady export market fundamentals. Base Oil price in Taiwan for Group II (500N) material FOB Mailiao ranged between USD 855-895 per metric ton, recording a 7.05% quarterly decline.

The Base Oil price trend in Taiwan was influenced by declining raw material prices that reduced production economics and regional pricing competitiveness against South Korean and Singaporean suppliers. In December 2025, Base Oil prices increased by 1.02%, reflecting strategic year-end restocking activities executed by forward-thinking buyers and improved export inquiry levels.

UAE: Base Oil Group – I (SN500) Export prices FOB Jebel Ali, UAE

In Q4 2025, Base Oil Group I (SN500) prices in UAE demonstrated relatively resilient performance amid balanced Middle Eastern supply-demand fundamentals and sustained regional consumption. Base Oil price in UAE for Group I (SN500) material FOB Jebel Ali ranged between USD 810-885 per metric ton, recording a 2.86% quarterly decline.

The Base Oil price trend in UAE was influenced by moderating Crude Oil prices that eased feedstock costs and consistent demand from African and South Asian export markets. Favorable weather conditions supported uninterrupted shipping operations. In December 2025, Base Oil prices increased by 4.88%, supported by improved export demand and measured production discipline.

Saudi Arabia: Base Oil Group – II (110N) Export prices FOB Yanbu, Saudi Arabia

In Q4 2025, Base Oil Group II (110N) prices in Saudi Arabia exhibited moderate downward adjustment reflecting ample regional supply availability and balanced export market conditions. Base Oil price in Saudi Arabia for Group II (110N) material FOB Yanbu ranged between USD 700-725 per metric ton, recording a 4.08% quarterly decline.

The Base Oil price trend in Saudi Arabia was influenced by softening Crude Oil benchmarks that lowered production costs and competitive export pricing strategies targeting African and European markets. In December 2025, Base Oil prices increased by 0.67%, reflecting year-end contractual stabilization efforts and sustained inquiry levels from regional blenders.

Singapore: Base Oil Group – II (500N) Export prices FOB Port of Singapore, Singapore

In Q4 2025, Base Oil Group II (500N) prices in Singapore experienced notable downward pressure amid competitive regional supply dynamics and moderate Southeast Asian demand fundamentals. Base Oil price in Singapore for Group II (500N) material FOB Port of Singapore ranged between USD 835-930 per metric ton, recording a 4.47% quarterly decline.

The Base Oil price trend in Singapore was influenced by declining crude oil prices that reduced feedstock economics and competitive positioning against South Korean and Taiwanese suppliers. Favorable weather conditions support consistent material flows. In December 2025, Base Oil prices decreased by 5.58%, supported by year-end inventory adjustments and normalized shipping logistics.

India: Base Oil Group – II (500N) Imported prices CIF Nhava Sheva from South Korea, India

In Q4 2025, Base Oil Group II (500N) prices in India demonstrated moderate downward adjustment reflecting ample import availability and balanced domestic lubricant manufacturing demand. Base Oil price in India for Group II (500N) material CIF Nhava Sheva from South Korean origin ranged between USD 905-980 per metric ton, recording a 4.44% quarterly decline.

The Base Oil price trend in India was influenced by softening Crude Oil prices that improved import economics and competitive import pricing from South Korean suppliers. Favorable monsoon withdrawal and weather conditions supported uninterrupted port operations. In December 2025, Base Oil prices decreased by 4.52%, supported by strategic inventory management efforts.

Indonesia: Base Oil Group – II (150N) Imported prices CIF Jakarta from South Korea, Indonesia

In Q4 2025, Base Oil Group II (150N) prices in Indonesia exhibited relative stability amid balanced import supply conditions and steady domestic lubricant manufacturing requirements. Base Oil price in Indonesia for Group II (150N) material CIF Jakarta from South Korean origin ranged between USD 800-825 per metric ton, recording a minimal 0.04% quarterly increase.

The Base Oil price trend in Indonesia was influenced by stable crude oil price levels that maintained import cost structures and consistent import availability from South Korean refiners. Favorable weather conditions supported reliable material deliveries. In December 2025, Base Oil prices decreased by 2.25%, reflecting year-end inventory rationalization efforts.

Netherlands: Base Oil Group – I (SN150) FD Rotterdam

In Q3 2025, Base Oil Group I (SN150) prices in Netherlands experienced significant downward pressure amid oversupply conditions in European markets and subdued regional lubricant manufacturing demand. Base Oil price in Netherlands for Group I (SN150) material Free Delivered Rotterdam ranged between USD 805-845 per metric ton, recording a 7.98% quarterly decline.

The Base Oil price trend in Netherlands was influenced by declining Brent Crude Oil prices that reduced refinery operating economics, ample regional supply availability from European refiners, and competitive import flows from Middle Eastern and Asian sources.

Warm summer weather conditions supported consistent logistics operations across European distribution networks. In September 2025, Base Oil prices decreased by 1.20%, reflecting strategic inventory adjustments and measured procurement activities.

Germany: Base Oil Group – I (SN150) FD Hamburg

In Q3 2025, Base Oil Group I (SN150) prices in Germany demonstrated notable downward adjustment reflecting oversupply conditions and balanced domestic industrial lubricant manufacturing demand. Base Oil price in Germany for Group I (SN150) material Free Delivered Hamburg ranged between USD 840-885 per metric ton, recording a 7.72% quarterly decline.

The Base Oil price trend in Germany was influenced by softening WTI Crude Oil benchmarks that weakened refinery margins, adequate regional supply availability, and competitive import pricing from Middle Eastern and Russian suppliers.

Favorable summer weather conditions facilitated smooth logistics operations and consistent material distribution. In September 2025, Base Oil prices decreased by 0.58%, supported by ongoing inventory optimization efforts and normalized logistics across European distribution networks.

India: Base Oil Group – I (SN500) Ex-Kandla (BULK)

In Q3 2025, Base Oil Group I (SN500) prices in India exhibited upward momentum amid tightening domestic supply conditions and robust demand from industrial lubricant manufacturing sectors. Base Oil price in India for Group I (SN500) material Ex-Kandla in bulk ranged between USD 980-1065 per metric ton, recording a 6.22% quarterly increase.

The Base Oil price trend in India was influenced by rising Dubai Crude Oil prices during parts of the quarter that strengthened refinery margins, constrained domestic refinery output, and competitive export opportunities reducing local availability.

Monsoon weather conditions impacted port operations and logistics efficiency across western India. In September 2025, Base Oil prices increased by 4.00%, supported by strategic restocking activities and improved domestic demand patterns.