Global base oils exports to key markets in Africa recovered in June as shipments from Europe rebounded to a five-month high.The rise in exports highlighted Africa’s ongoing reliance on Europe as the key source of its base oils supplies.It also highlighted the importance of Africa as a key market for Europe’s base oils supplies.Total exports to Egypt, Nigeria, South Africa and Kenya combined rose to close to 80,000 tonnes in June, up from around 43,000 tonnes the previous month, government data showed.The shipments originated mostly from the US and Europe, as well as some supplies from other sources like Asia.Exports still fell by 4% in June and for a fifth straight month from year-earlier levels.Export volumes fell because of a 47% drop in shipments from the US in the first half of the year from year-earlier levels.The slowdown highlighted the volatility of supplies from the US, with availability partly dependent on the volume of surplus cargoes to clear.The volatility curbed the attraction for buyers in those markets to increase their reliance on supplies from the US.Exports from Europe to those key markets by contrast rose by 5% in the first half of 2024 from year-earlier levels.Shipment volumes rose even after the closure of another Group I plant in the region in the first half of the year and as refiners focused more of their exports on markets within Europe.Exports stayed higher even after a major Group II plant shutdown in the Netherlands in the first quarter of the year.The rise in shipments highlighted the relative stability of supplies from Europe, especially compared with US, even as the region’s production capacity fell.That stability boosted the attraction for buyers in Africa to maintain or increase requirements from Europe.Firm demand from key markets in Africa also highlighted that region’s importance for European refiners.The refiners' shipments to Africa rose even as total exports to markets outside Europe fell in the first half of the year.The trend boosted the share of Europe's shipments bound for Africa to close to 25% of total exports to non-EU markets in the first half of the year, up from less than 24% in 2023. Global base oils exports to Kenya rose to a twenty-three-month high in June, mostly because of a jump in shipments from the Netherlands.Exports to Nigeria recovered to a four-month high, following a sharp slowdown in shipments to the country during the previous three months..Global base oil exports to Mideast Gulf fall in June.US’ June base oils/lube exports rise.Saudi Arabia’s July Yanbu/Jeddah exports fall
Global base oils exports to key markets in Africa recovered in June as shipments from Europe rebounded to a five-month high.The rise in exports highlighted Africa’s ongoing reliance on Europe as the key source of its base oils supplies.It also highlighted the importance of Africa as a key market for Europe’s base oils supplies.Total exports to Egypt, Nigeria, South Africa and Kenya combined rose to close to 80,000 tonnes in June, up from around 43,000 tonnes the previous month, government data showed.The shipments originated mostly from the US and Europe, as well as some supplies from other sources like Asia.Exports still fell by 4% in June and for a fifth straight month from year-earlier levels.Export volumes fell because of a 47% drop in shipments from the US in the first half of the year from year-earlier levels.The slowdown highlighted the volatility of supplies from the US, with availability partly dependent on the volume of surplus cargoes to clear.The volatility curbed the attraction for buyers in those markets to increase their reliance on supplies from the US.Exports from Europe to those key markets by contrast rose by 5% in the first half of 2024 from year-earlier levels.Shipment volumes rose even after the closure of another Group I plant in the region in the first half of the year and as refiners focused more of their exports on markets within Europe.Exports stayed higher even after a major Group II plant shutdown in the Netherlands in the first quarter of the year.The rise in shipments highlighted the relative stability of supplies from Europe, especially compared with US, even as the region’s production capacity fell.That stability boosted the attraction for buyers in Africa to maintain or increase requirements from Europe.Firm demand from key markets in Africa also highlighted that region’s importance for European refiners.The refiners' shipments to Africa rose even as total exports to markets outside Europe fell in the first half of the year.The trend boosted the share of Europe's shipments bound for Africa to close to 25% of total exports to non-EU markets in the first half of the year, up from less than 24% in 2023. Global base oils exports to Kenya rose to a twenty-three-month high in June, mostly because of a jump in shipments from the Netherlands.Exports to Nigeria recovered to a four-month high, following a sharp slowdown in shipments to the country during the previous three months..Global base oil exports to Mideast Gulf fall in June.US’ June base oils/lube exports rise.Saudi Arabia’s July Yanbu/Jeddah exports fall
