Europe’s base oils supply rose to a three-month high in January, adding to surplus volumes in the region at the start of the year.Weak demand compounded the impact of the additional supplies.Supply of more than 364,000t in January rose from around 353,000t the previous month, government data showed.Supply had averaged around 358,000 t/month in 2022.The rise in supply mostly reflected a jump in production of Group I base oils in markets like Italy and Spain.The rise in supplies outweighed lower production in Germany and UK and a pause in output in Turkey.A surge in US base oils exports to Europe in January added to supply and to pressure on regional base oils prices..Americas’ Jan base oils supply rises
Europe’s base oils supply rose to a three-month high in January, adding to surplus volumes in the region at the start of the year.Weak demand compounded the impact of the additional supplies.Supply of more than 364,000t in January rose from around 353,000t the previous month, government data showed.Supply had averaged around 358,000 t/month in 2022.The rise in supply mostly reflected a jump in production of Group I base oils in markets like Italy and Spain.The rise in supplies outweighed lower production in Germany and UK and a pause in output in Turkey.A surge in US base oils exports to Europe in January added to supply and to pressure on regional base oils prices..Americas’ Jan base oils supply rises