Argus launches U.S. Group 3 base oils prices

International energy pricing agency Argus has launched assessments for U.S. Group 3 base oil prices, the first assessments in the U.S. The new assessments follow Argus’ launch of European Group 3 base oil prices in May 2010, the first price assessments in the world for spot Group 3 base oils. Argus launched such estimates in response to a changing lubricants industry, which is consuming larger volumes of high-quality base oils. The U.S. and Europe are the largest markets for Group 3 base oils, while Asia-Pacific is the largest producer of Group 3 base oils. (January 14, 2011)