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EU plans to cut import quotas for Group II base oils

 Last Update: 2021-09-29
 Source: Internet
 Author: User

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Recently, the European Commission stated that it plans to again reduce the import tariff exemptions for Type II base oils to countries that have not signed a free trade agreement with the European Union next year, and reduce the import quotas for Type II base oils in the first half of 2022

It is reported that the United States is the largest supplier of Group II base oils imported by the European Union that has not signed a free trade agreement with the EU, while major exporters of Group II base oils, including Singapore, South Korea, Canada and Japan, have signed a free trade agreement with the European Union

Due to the forecast that the demand for Group II base oils will rise, trade organizations such as the European Lubricant Industry Association and their representative companies are lobbying the EU to increase quotas and extend the transition period

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