The first assessments for US spot Group III base oils are now available thanks to pricing agency, Argus.
Argus has launched the benchmark pricing assessments as demand for Group III product increases with the introduction of the GF-5 engine oil specifications and tighter vehicle efficiency and emissions regulations driving the need for higher quality products in the US.
Group III base oils are key to the manufacture of high-end engine lubricants and prompted Argus to launch the first European assessments for the oils in mid-2010. While the US and Europe are the largest consumers of Group III, Asia-Pacific is currently the largest producer, although the balance is set to shift with new Middle East plants due to come on stream in 2011.
The latest oil price assessments are published in the weekly Base Oils Report, which was launched by Argus at the beginning of 2010.