Analysis and Outlook of the Current Situation in the Chinese Base Oil Market
Base oil accounts for about 70％-99％of the feedstocks for lubricant and plays an important role in the quality,performance,and production cost of lubricants.With the continuous commissioning of new and expanded base oil facilities since 2019,China's base oil production capacity has increased significantly.Under the combined influence of economic growth,end-user demand,environmental policies,fuel economy,and extended oil change intervals,the growth rate of base oil demand in China has slowed down,and industrial upgrading is also ongoing.The Chinese base oil market is gradual-ly showing signs of structural oversupply.In the future,with the improvement of domestic product standards and the opti-mization of production capacity structure,China's dependence on base oil imports is expected to further decrease.
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