Base Oil Price Index

Base Oil Price Trend, Index and Forecast

Track the latest insights on base oil price trend and forecast with detailed analysis of regional fluctuations and market dynamics across North America, Latin America, Central Europe, Western Europe, Eastern Europe, Middle East, North Africa, West Africa, Central and Southern Africa, Central Asia, Southeast Asia, South Asia, East Asia, and Oceania.

Base Oil Prices Outlook Q3 2025

• China: USD 976/MT
• USA: USD 1,911/MT
• Germany: USD 1,338/MT
• Saudi Arabia: USD 1,455/MT
• UAE: USD 1,487/MT

Base Oil Price Chart

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During the third quarter of 2025, the base oil prices in China reached 976 USD/MT in September. The domestic base oil market faced mixed trends as demand from the lubricant and automotive sectors softened due to slower manufacturing activity. Inventory buildup at major refineries weighed on prices. However, firm crude oil costs and restricted supply from select Group II and Group III producers prevented a sharper price decline. Export demand to Southeast Asia provided limited relief to suppliers amid sluggish local consumption.

During the third quarter of 2025, the base oil prices in the USA reached 1,911 USD/MT in September. In the United States, base oil pricing strengthened as production rates were impacted by planned refinery turnarounds and tightening feedstock supply. Demand from the automotive and industrial lubricant sectors remained stable, driven by seasonal maintenance and restocking activities. Crude oil market volatility and increased transportation costs also contributed to elevated domestic prices during this quarter.

During the third quarter of 2025, the base oil prices in Germany reached 1,338 USD/MT in September. The market saw firm pricing due to reduced availability of high-viscosity base oils and maintenance at regional refining facilities. Demand from the lubricant blending industry remained consistent, while energy costs and logistics constraints within the European Union added upward pressure. Import costs from non-EU suppliers increased due to higher freight rates and currency fluctuations.

During the third quarter of 2025, the base oil prices in Saudi Arabia reached 1,455 USD/MT in September. Prices were supported by strong export demand and steady offtake from domestic lubricant manufacturers. Refinery operations in the region faced occasional supply disruptions, tightening availability. The stable performance of downstream automotive and industrial segments helped sustain pricing levels amid fluctuations in global crude benchmarks.

During the third quarter of 2025, the base oil prices in the UAE reached 1,487 USD/MT in September. Market prices were influenced by limited regional supply and increased export demand from Asian and African markets. Refinery turnarounds at key facilities constrained output, while higher feedstock costs linked to crude oil trends drove up production expenses. Domestic lubricant manufacturers maintained steady purchasing activity, lending support to overall market sentiment.

Base Oil Prices Outlook Q2 2025

• USA: US$ 1686/MT
• Singapore: US$ 783/MT
• Netherlands: US$ 885/MT
• Saudi Arabia: US$ 1790/MT
• Indonesia: US$ 1061/MT

During the second quarter of 2025, base oil prices in the USA reached 1686 USD/MT in June. Base oil prices in the USA remained relatively stable, with minor softening observed in specific grades. Domestic production continued at consistent levels, while import volumes from Asia and the Middle East added to the supply pool. Feedstock costs were manageable, following the broader stability in crude oil prices.

During the second quarter of 2025, base oil prices in Singapore reached 783 USD/MT in June. Base oil prices in Singapore showed moderate softness due to abundant regional supply and subdued export demand from Southeast Asia and India. The country’s key position as a refining and trading hub kept inventories high, contributing to competitive pricing. Local refiners maintained stable production rates, while feedstock costs aligned with steady crude oil prices.

During the second quarter of 2025, base oil prices in the Netherlands reached 885 USD/MT in June. Base oil prices in the Netherlands exhibited a steady to slightly softening trend, primarily driven by stable production levels and sufficient regional supply. The country’s strategic position as a trading hub led to regular imports and exports, balancing market conditions. Demand from automotive and industrial lubricant manufacturers remained consistent but did not show significant growth, contributing to mild pricing pressures.

During the second quarter of 2025, base oil prices in Saudi Arabia reached 1790 USD/MT in June. Base oil prices in Saudi Arabia remained largely steady with minor fluctuations. The country’s robust refining capacity ensured a stable domestic supply, while export volumes to Asia and Africa faced some pressure due to competitive pricing from other global suppliers. Additionally, stable crude oil prices and feedstock availability helped maintain predictable production costs.

During the second quarter of 2025, base oil prices in Indonesia reached 1061 USD/MT in June. Base oil prices in Indonesia remained relatively stable. Indonesian lubricant manufacturers maintained cautious procurement strategies amid sufficient inventory levels and steady imports from regional suppliers like South Korea and Singapore. The domestic refining output met most of the internal demand, reducing the urgency for high-priced imports.

Base Oil Prices Outlook Q1 2025

• USA: US$ 1722/MT
• Singapore: US$ 801/ MT
• Netherlands: US$ 946/MT
• Saudi Arabia: US$ 1746/ MT
• Indonesia: US$ 1107/ MT

During the first quarter of 2025, the base oil prices in the USA reached 1722 USD/MT in March. Despite changes in the price of crude oil and worries about possible tariffs, prices showed a period of relative stability. A balance between higher base oil exports, calculated production changes, and low demand from downstream lubricant markets was attributed to this stability.

During the first quarter of 2025, the base oil prices in Singapore reached 801 USD/MT in March. As evident by the base oil price chart, Singapore experienced fluctuations due to a complex interplay of factors, including global crude oil market dynamics, supply chain disruptions, and shifts in regional demand. 

During the first quarter of 2025, the base oil prices in the Netherlands reached 946 USD/MT in March. Crude oil, the primary feedstock for base oil production, had a direct impact on base oil prices. Besides, seasonal variations in demand from downstream industries further caused price fluctuations.

During the first quarter of 2025, the base oil prices in Saudi Arabia reached 1746 USD/MT in March. Unplanned supply disruptions, like those caused by geopolitical tensions or refinery maintenance, impacted the market and prices. Besides, trade tensions and geopolitical events also impacted base oil prices.

During the first quarter of 2025, the base oil prices in Indonesia reached 1107 USD/MT in March. The market began with limited activity, recovering as buyers stocked up ahead of the Lunar New Year. March brought restrained demand, yet proactive procurement driven by scheduled turnarounds and lean inventory levels kept the market steady, with cautious buying behavior reinforcing short-term price stability.

Regional Coverage

The report provides a detailed analysis of the market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of FOB and CIF prices, as well as the key factors influencing the base oil prices.

Europe Base Oil Price Trend

Q3 2025:

As per the base oil price index, prices in Europe strengthened significantly as refining maintenance schedules, limited imports, and firm demand combined to create a tight supply landscape. Group II and III base oils faced upward price adjustments due to energy cost increases and logistical disruptions across major distribution routes. Elevated electricity and gas tariffs raised production expenses, which were passed down to end users. Import dependency from the Middle East intensified, particularly in the absence of surplus domestic output. Despite these pressures, lubricant blenders maintained procurement consistency, supported by stable industrial operations across automotive and machinery sectors, which prevented excessive market volatility.

Q2 2025:

In Europe, base oil prices showed a stable to slightly softening trend, primarily influenced by ample supply and moderate demand from the automotive and industrial lubricant sectors. Feedstock costs, particularly crude oil, remained a key factor, but refinery output levels kept the market balanced. Overall, the European base oil market maintained a steady pricing environment, reflecting stable operating conditions and controlled supply chains.

Q1 2025:

The European market saw a growing demand for bio-based and synthetic base oils, driven by environmental regulations and sustainability goals. As per the base oil price index, this shift influenced traditional base oil demand and pricing structures. Besides, demand from the downstream lubricant industry, which relies heavily on base oil, contributed to price changes. Moreover, geopolitical tensions and concerns about global demand contributed to market instability, impacting base oil prices. 

This analysis can be extended to include detailed base oil price information for a comprehensive list of countries.

North America Base Oil Price Trend

Q3 2025:

As per the base oil price index, in North America refinery maintenance constrained supply and crude oil volatility elevated feedstock costs. Strong demand from automotive and industrial lubricant sectors provided consistent market support. Export volumes to Latin America and Europe intensified, tightening domestic inventories and sustaining firm price sentiment. Transportation challenges, including higher freight rates and congestion at Gulf Coast ports, contributed to regional price disparities. Downstream blenders responded with cautious purchasing, balancing costs against stable consumption trends. The overall market outlook remained constructive, supported by resilient end-user demand and strategic refinery output management.

Q2 2025:

In North America, base oil prices reflected a moderately stable to softening trend, influenced by consistent refinery production and sufficient supply in the domestic market. Demand from the automotive and industrial lubricant sectors remained steady but did not exhibit significant growth, contributing to balanced market conditions. Feedstock costs, primarily linked to crude oil and vacuum gas oil (VGO), stayed relatively stable. Overall, the quarter showcased a balanced pricing environment with manageable supply chains and limited price volatility.

Q1 2025:

Throughout January 2025, there was a noticeable period of price stability for US base oil prices. A delicate balance of supply and demand dynamics ultimately prevailed. The rising prices of feedstock crude oil and the expectation of possible tariff increases produced an environment of uncertainty that drove base oil prices upward. The plentiful domestic supply of basic oils was a major element in this stability. The market was being oversupplied by US suppliers who had been aggressively growing their export quantities.

Specific base oil historical data within the United States and Canada can also be provided.

Middle East and Africa Base Oil Price Trend

Q3 2025:

Base oil prices in the Middle East and Africa were influenced by robust export performance, supported by strong regional refinery production and rising demand from Asia and Europe. Domestic supply, however, was intermittently restricted by maintenance schedules at several facilities. Group III base oils, in particular, saw sustained price support due to their high-quality export demand. Rising feedstock costs linked to crude oil fluctuations and elevated energy input prices increased production costs across the region. Infrastructure investments in new refining capacities, particularly in Saudi Arabia and the UAE, underscored regional commitment to long-term market expansion, though short-term supply constraints kept pricing elevated.

Q2 2025:

Base oil prices in the Middle East and Africa (MEA) region experienced a largely stable trend. Regional production remained strong, supported by major refineries in the UAE, Saudi Arabia, and Bahrain, maintaining consistent output. Feedstock availability and relatively stable crude oil prices helped manage cost pressures.

Q1 2025:

As per the base oil price chart, due to a complex interaction of factors, including supply and demand dynamics, geopolitical tensions, and macroeconomic conditions, the price of base oil in the Middle East fluctuated significantly. Improved production from OPEC+ and other non-OPEC+ nations raised fears about an oversupply, while geopolitical threats, especially in the region, caused uncertainty and volatility in oil prices. The supply and demand for oil were also impacted by shifts in interest rates and the state of the world economy, which increased price volatility.

In addition to region-wise data, information on base oil prices for countries can also be provided.

Asia Pacific Base Oil Price Trend

Q3 2025:

In the Asia Pacific region, base oil pricing trends varied considerably across countries, reflecting diverse economic and industrial dynamics. China’s subdued manufacturing activity weighed on regional sentiment, while strong import demand from India, Indonesia, and Southeast Asia provided counterbalance. Refinery turnarounds in Northeast Asia constrained supply, contributing to localized shortages. Crude oil market fluctuations and currency depreciation against the USD affected input costs, prompting refiners to adopt flexible pricing strategies. The market outlook remained cautiously optimistic, with expectations of demand recovery from the automotive and industrial segments supporting stable-to-firm pricing toward the end of the quarter.

Q2 2025:

In the Asia-Pacific region, base oil prices showed a slightly softening trend, primarily due to abundant supply and cautious demand from lubricant manufacturers. Refinery production across key countries like South Korea, China, and Singapore remained high, resulting in steady regional inventories. Export demand from South Asia and Southeast Asia stayed moderate, keeping price competition firm among suppliers. Overall, the market reflected a supply-heavy environment with restrained demand, influencing softer base oil pricing in the region.

Q1 2025:

Despite restricted supply, China's base oil prices remained constant at the beginning of March 2025. While the group II base oil supply appeared to be adequate, another group's supply was restricted, which helped to balance the pricing structure. Furthermore, a drop in feedstock crude oil prices reduced manufacturing costs, offsetting the strong increasing pressure during this interval. However, the notion of a shortage resulted in artificial demand, with buyers hurrying to secure their cargoes before prices spike.

This base oil price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Base Oil Price Trend

Q3 2025:

Latin America's base oil market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in base oil prices.

Q2 2025:

Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting Latin America’s ability to meet international demand consistently. Moreover, the base oil price index, economic fluctuations, and currency devaluation are critical factors that need to be considered when analyzing base oil pricing trends in this region.

This comprehensive review can be extended to include specific countries within the region.

Base Oil Price Trend, Market Analysis, and News

IMARC's latest publication, “Base Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” presents a detailed examination of the base oil market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of base oil at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents detailed base oil prices trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting base oil pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Base Oil Industry Analysis

The global base oil industry size reached 33.9 Million Tons in 2024​. By 2033​, IMARC Group expects the market to reach 40.2 Million Tons, at a projected CAGR of 1.90% during 2025-2033.​ Growth in the global base oil market is driven by the rising demand for high-performance lubricants, advancements in refining technologies, and expanding automotive and industrial manufacturing activities worldwide.

Latest developments in the base oil industry:

• August 2025: ExxonMobil confirmed the expansion of Group III base oil capacity at its Baytown refinery complex, Texas, by 8,000 barrels per day. This move will allow the company to increase supply of 4cSt and 6cSt grades to meet the growing demand across North America.
   
• March 2025: Chevron announced plans to commence full-scale Group III+ base oil production at its Pascagoula, Mississippi plant in Q4 2026. The company introduced its NEXBASE 4 XP “extra performance” grade to complement its existing NEXBASE slate and strengthen its presence in the high-performance lubricants market.
   
• January 2025: Indian Oil Corporation Limited (IOCL) launched trial operations at its integrated lube complex located at Manali in Chennai, with an investment of INR 1,400 Crore (USD 169 Million). The plant that will have an annual capacity of 672 TMTPA will make it the second-largest in the world. The plant will utilize base oil from CPCL Refinery and Chennai Port to produce environment-friendly lubricants contributing to India's self-sufficiency in the base oil segment.
   
• March 2024: The Prime Minister of India inaugurated Bharat Petroleum Corporation Limited's (BPCL) projects worth INR 9,800 crore. This includes an enhancement at the Mumbai Refinery to increase the production of Group III base oils, which are high-quality lubricants.
   
• February 2024: Chevron Lummus Global (CLG) commissioned the world's largest white oil hydroprocessing unit for Hongrun Petrochemical in China, with a capacity to produce 500,000 metric tons of API Group III base oils annually. This unit also includes facilities for producing industrial and food-grade white oil.

Product Description

Base oil is a refined petroleum-derived or synthetic fluid that serves as the primary building block for lubricants and greases. Produced through distillation and hydroprocessing of crude oil, or via synthetic routes such as polyalphaolefin (PAO) production, base oils are categorized into five groups based on sulfur content, viscosity index, and saturation level. Group I, II, and III oils are mineral-based, while Group IV and V include synthetic and ester-based varieties.

Base oils are critical for reducing friction, minimizing wear, and enhancing thermal stability in engines, machinery, and industrial systems. They are extensively used in automotive engine oils, hydraulic fluids, metalworking fluids, and gear lubricants. Group II and III base oils dominate global production due to their superior oxidative stability and cleaner-burning properties. Synthetic variants, offering better performance at extreme temperatures, are increasingly preferred in high-end automotive and industrial applications. Base oil remains an indispensable element in global energy and manufacturing operations, underpinning the performance and efficiency of modern lubricants.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of base oil pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
• The study examines factors affecting base oil price trend, including input costs, supply-demand shifts, and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The base oil price charts ensure our clients remain at the forefront of the industry.