Singapore, 12 October 2012. Global energy reporting agency Argus has launched assessments for cfr Turkey Group 1 base oil prices. These are the first assessments for spot delivered base oil prices for the Turkish market.
The assessments strengthen Argus’ coverage of the Black Sea and global base oil markets, and highlight the interconnectivity and increasing internationalisation in these markets.
Turkey is a major lubricant blender and consumer, with automobile sales growth of 14pc in 2011 and industrial production that has grown every month since the end of 2009. Turkey is one of the world’s largest base oil importers. Its key supplies have traditionally come from Europe, Russia and the Mideast Gulf. But the country is importing more frequently from other markets, such as North and South America, India, Taiwan and South Korea.
With these new price assessments, Argus provides a pricing tool for spot and term cargoes from an increasingly diverse number of sources.
“These new assessments will facilitate arbitrage trade to a key and growing market,” Argus chairman and chief executive Adrian Binks said. “The assessments illustrate the changing dynamics of the base oils market and the importance of reliable price information in managing and taking advantage of these changes.”
The new assessments are published weekly in Argus Base Oils, a global report covering base oil prices in key markets.
Argus is holding a base oils conference in Turkey in March 2013. The event will explore further Turkey’s role and significance in the regional and global base oils market.
Data Sources: Argus | Effective Date: October 12, 2012