Europe’s base oils imports from markets outside the region fell to a three-month low in October as a dip in shipments from the US and Asia outweighed higher flows from the Mideast Gulf.Base oils imports of close to 149,000t in October fell from almost 160,000t the previous month, government data showed.Most of the supplies consisted of premium-grade base oils.Total imports of 1.55mn t in the first ten months of the year fell by 5pc from 1.64mn t during the same period last year.Imports fell amid a dip in shipments from the US and a slump in flows from Russia. Those trends continued in October.Rising regional production of premium-grade base oils in Europe covered for the drop in supplies from the US.Regional Group I base oils production was insufficient to cover for the 86pc fall in shipments from Russia during the first ten months of the year.Regional supply of Group I base oils fell in response.Europe’s domestic Group I base oils prices maintained an unusually steep premium to export prices throughout the year, ICIS data showed. The wide premium reflected the tighter availability of Group I base oils in the regional market.Base oils imports from the Mideast Gulf rose in October and in the first ten months of the year. Most of the supplies consisted of Group III base oils.The trend boosted the share of Europe’s imports from the Mideast Gulf to some 36pc of the total in the first ten months of the year. The share rose from less than 30pc of the total in 2022.The rising share of imports from the Mideast Gulf highlighted that region’s growing role in and impact on Europe’s base oils market. .Europe’s Oct premium-grade imports from Mideast Gulf rise
Europe’s base oils imports from markets outside the region fell to a three-month low in October as a dip in shipments from the US and Asia outweighed higher flows from the Mideast Gulf.Base oils imports of close to 149,000t in October fell from almost 160,000t the previous month, government data showed.Most of the supplies consisted of premium-grade base oils.Total imports of 1.55mn t in the first ten months of the year fell by 5pc from 1.64mn t during the same period last year.Imports fell amid a dip in shipments from the US and a slump in flows from Russia. Those trends continued in October.Rising regional production of premium-grade base oils in Europe covered for the drop in supplies from the US.Regional Group I base oils production was insufficient to cover for the 86pc fall in shipments from Russia during the first ten months of the year.Regional supply of Group I base oils fell in response.Europe’s domestic Group I base oils prices maintained an unusually steep premium to export prices throughout the year, ICIS data showed. The wide premium reflected the tighter availability of Group I base oils in the regional market.Base oils imports from the Mideast Gulf rose in October and in the first ten months of the year. Most of the supplies consisted of Group III base oils.The trend boosted the share of Europe’s imports from the Mideast Gulf to some 36pc of the total in the first ten months of the year. The share rose from less than 30pc of the total in 2022.The rising share of imports from the Mideast Gulf highlighted that region’s growing role in and impact on Europe’s base oils market. .Europe’s Oct premium-grade imports from Mideast Gulf rise
