According to reports, Asia will be the basis of record high oil prices, because the cash supply, the rate of decline in unit load, and rapid oil and diesel prices rise, buyers and sellers said Tuesday. Crude prices have risen to the highest level in history yuan 120 U.S. dollars / barrel, pushing up the price of diesel.
As refineries in order to obtain higher returns and increase diesel production, thereby reducing the base oil production, many Asian refiners have reduced production of base oil, a Korean based oil producer said. This has resulted in nearly depleted the supply of cash, he added. Oil production base in Thailand has fallen by 30 per cent in China, may also be reduced by a similar extent, the basis of a major Asian oil manufacturers said.
Class I solvent neutral basis to discuss oil prices are about 1070-1100 U.S. dollars / ton (696-715 euros / ton) (cost plus freight, China) / (Southeast Asia), higher than the same period last year, 20-22 percent.