ExxonMobil released its inaugural global base oil industry report, which features input from key industry influences and top decision makers.

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The ExxonMobil Base Stocks 2018 Industry Pulse Report was created in conjunction with KRC Research.  Among the reports key findings were that almost 75 percent of industry respondents  consider Group II base oils the “heart of the market,” especially among those in the automotive, marine, industrial and commercial vehicle industries.  Almost 33 percent said they still consider Group I base oil an important commodity despite demand for it decreasing rapidly.

Those polled also expressed their confidence in American Petroleum Institute (API) standards, with a majority agreeing they were “sufficient for formulating and manufacturing engine oil.”  About 61 percent said current standards were fine, with another 12 percent saying they would be in favor of gradual changes.  Respondents also expressed confidence that the industry would be able to keep up with tightening regulations.