Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>Asia’s base oils demand could fall in face of slumping crude oil prices and concern about slower-than-expected economic growth in the region.</li><li>Concern about weaker demand cuts fundamentals-related support that could cushion against impact of falling crude oil prices.</li><li>Concern about more muted demand and expected improvement in base oils supply in coming weeks would contrast with increasingly high base oils margins caused by lower crude oil prices.</li></ul>

Asia’s base oils demand could fall in face of slumping crude oil prices and concern about slower-than-expected economic growth in the region.Concern about weaker demand cuts fundamentals-related support that could cushion against impact of falling crude oil prices.Concern about more muted demand and expected improvement in base oils supply in coming weeks would contrast with increasingly high base oils margins caused by lower crude oil prices.

Asia base oils demand outlook: Week of 7 April

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>As per news reports, the Cabinet Committee on Energy (CCoE) has approved amendments to the Pakistan Oil Refining Policy 2023, removing the remaining impediments that had delayed execution of refinery upgrade agreements since the initial policy's notification in August 2023.</li><li>The policy had effectively remained in limbo after the Finance Act 2024 shifted major petroleum products from the zero-rated to the exempt sales tax regime, significantly weakening project economics by preventing refineries from claiming input sales tax on capital expenditure.</li><li>We view this development as positive for listed refineries, particularly PRL, NRL and ATRL, as it materially improves the visibility of long-delayed upgrade projects aimed at increasing Euro-V compliant fuel production and enhancing product yields.</li></ul>

As per news reports, the Cabinet Committee on Energy (CCoE) has approved amendments to the Pakistan Oil Refining Policy 2023, removing the remaining impediments that had delayed execution of refinery upgrade agreements since the initial policy's notification in August 2023.The policy had effectively remained in limbo after the Finance Act 2024 shifted major petroleum products from the zero-rated to the exempt sales tax regime, significantly weakening project economics by preventing refineries from claiming input sales tax on capital expenditure.We view this development as positive for listed refineries, particularly PRL, NRL and ATRL, as it materially improves the visibility of long-delayed upgrade projects aimed at increasing Euro-V compliant fuel production and enhancing product yields.

Topline Flash Note: Pakistan Refinery: Government Approves Proposed Amendments to Pakistan Oil Refining Policy, 2023

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National Refinery (NRL PA)

Asia base oils demand outlook: Week of 7 April

Asia’s base oils demand could fall in face of slumping crude oil prices and concern about slower-than-expected economic growth in the...

Base Oil News

Topline Flash Note: Pakistan Refinery: Government Approves Proposed Amendments to Pakistan Oil Refining Policy, 2023

As per news reports, the Cabinet Committee on Energy (CCoE) has approved amendments to the Pakistan Oil Refining Policy 2023, removing the...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)