Abstract: A low emissions, high oxidative stability crankcase lubricating oil formulation which is prepared from a base stock which comprises at least one synthetic ester selected from the group consisting of: polyol esters, synthetic esters having between 5-35% unconverted hydroxyl groups, based on the total amount of hydroxyl groups in the polyol, and synthetic esters combined with at least one additional functional group which is capable of increasing the polarity of the functionalized synthetic ester, wherein the base stock has an oxygen, nitrogen or halogen content of at least 15 wt. %, based on the total weight of the base stock; and a lubricant additive package.