Zawya.com, part of Thomson Reuters Middle East, mentioned Legion Oil & Gas LLC in their recent article. Zawya is a leading business and finance media focused on the Middle East and North Africa regions.
Russian engine oil prices doubled so far this year and tripled comparing to the last year. They started to increase by 25-35% a month because of the base oil shortage. According to Refinitiv data, engine oil prices went from $726 per tonne in December to $1,583 per tonne in April. Traders and industry experts believe that it happened because refiners worldwide cut their runs.
Legion Oil & Gas LLC’ managing director Denis Varaksin told Reuters that the shortage has been ongoing since a few months already and the prices keep rising and are expected to rise at least till June.
“In winter when domestic demand was rather weak, Russian companies increased export of base oils. Now export supplies inch down,” Varaksin said.
This year Russia exported approximately 120,000 tonnes of base oil per month whereas the world market volumes were around 5 million tonnes/month.
