Global base oils exports to key markets in Africa fell in July for a sixth month as a drop in supplies from Europe compounded a prolonged dip in shipments from the US.Total exports to Egypt, Nigeria, South Africa and Kenya combined fell to less than 60,000 tonnes in July, government data showed.The volume fell from almost 80,000 tonnes in June and by 21% from year-earlier levels.The supplies originated from Europe and the US, as well as some shipments from other sources like Asia.The drop in shipments deepened a fall in total exports to the four markets to around 493,000 tonnes in the first seven months of the year, from more than 560,000 tonnes during the same period last year.The slowdown mostly reflected a slump in shipments from the US, especially since the second quarter of the year.US exports of less than 50,000 tonnes to the four countries in the four months to July were down from more than 110,000 tonnes during the same period last year.Exports from the US slowed because of more limited surplus supply and higher prices that closed the arbitrage to outlets like Africa.Base oils exports from Europe to the four markets also fell in July, compounding the slowdown in total shipments.But the fall in shipments from Europe was the first in four months from year-earlier levels, while total exports in the first seven months of the year remained higher than year-earlier levels.Shipment volumes remained firmer even with the loss of additional Group I base oils production capacity and with maintenance work on a key Group II unit in the region in the first half of the year.The dynamic boosted the incentive for buyers to maintain or increase demand for supplies from Europe.It also increased the incentive for buyers to eye alternative sources in place of the US, whose supplies were more dependent on arbitrage opportunities and the state of the US market at any one time..US July base oils exports fall.Global base oils exports to Middle East rise in July.Global premium-grade imports from Middle East fall in July
Global base oils exports to key markets in Africa fell in July for a sixth month as a drop in supplies from Europe compounded a prolonged dip in shipments from the US.Total exports to Egypt, Nigeria, South Africa and Kenya combined fell to less than 60,000 tonnes in July, government data showed.The volume fell from almost 80,000 tonnes in June and by 21% from year-earlier levels.The supplies originated from Europe and the US, as well as some shipments from other sources like Asia.The drop in shipments deepened a fall in total exports to the four markets to around 493,000 tonnes in the first seven months of the year, from more than 560,000 tonnes during the same period last year.The slowdown mostly reflected a slump in shipments from the US, especially since the second quarter of the year.US exports of less than 50,000 tonnes to the four countries in the four months to July were down from more than 110,000 tonnes during the same period last year.Exports from the US slowed because of more limited surplus supply and higher prices that closed the arbitrage to outlets like Africa.Base oils exports from Europe to the four markets also fell in July, compounding the slowdown in total shipments.But the fall in shipments from Europe was the first in four months from year-earlier levels, while total exports in the first seven months of the year remained higher than year-earlier levels.Shipment volumes remained firmer even with the loss of additional Group I base oils production capacity and with maintenance work on a key Group II unit in the region in the first half of the year.The dynamic boosted the incentive for buyers to maintain or increase demand for supplies from Europe.It also increased the incentive for buyers to eye alternative sources in place of the US, whose supplies were more dependent on arbitrage opportunities and the state of the US market at any one time..US July base oils exports fall.Global base oils exports to Middle East rise in July.Global premium-grade imports from Middle East fall in July
