The delivery of premium-grade base oils to key global outlets from Bahrain and UAE combined fell to a six-month low in December.Global imports from Qatar by contrast rose to a seven-month high, reversing most of the slowdown.The steady supplies coincided with a seasonal slowdown in global demand and a pick-up in base oils exports from South Korea at year-end.Global Group III base oils prices extended their fall versus feedstock and competing fuel prices early this year, ICIS data showed.The price-weakness reflected the on-going disconnect between supply and demand.Plant maintenance work in Asia-Pacific is likely to cut Group III supply in that region in the first few months of this year.Any slowdown in supplies from Asia would provide room for a pick-up in shipments from the Mideast Gulf.The key markets of US, Europe and Asia took delivery of around 46,000t from Bahrain and UAE combined in December, government and shipping data showed.The volume fell from close to 60,000t in each of the previous two months and from around 67,000 t/month over the past year.US imports from the two countries fell to less than 7,000t in December, down from typical levels of more than 30,000 t/month over the previous five months.Asia’s imports from Bahrain and UAE by contrast rebounded to a three-month high of close to 30,000t in December amid a rise in supplies to India and China.Global base oil imports from Qatar extended their rise to close to 220,000t in December, from close to 210,000t in November.Before November, monthly shipments from Qatar exceeded the 200,000t level just once during the previous thirteen months.Asia was the destination for most of the additional supplies during the final two months of the year.The higher volumes left imports from Qatar, UAE and Bahrain combined steady at around 265,000t in December.Total imports from the three countries came to more than 2.80mn t in 2023, up from less than 2.70mn t the previous year..US’ December base oils imports rise.Europe’s Dec Group III supply rises
The delivery of premium-grade base oils to key global outlets from Bahrain and UAE combined fell to a six-month low in December.Global imports from Qatar by contrast rose to a seven-month high, reversing most of the slowdown.The steady supplies coincided with a seasonal slowdown in global demand and a pick-up in base oils exports from South Korea at year-end.Global Group III base oils prices extended their fall versus feedstock and competing fuel prices early this year, ICIS data showed.The price-weakness reflected the on-going disconnect between supply and demand.Plant maintenance work in Asia-Pacific is likely to cut Group III supply in that region in the first few months of this year.Any slowdown in supplies from Asia would provide room for a pick-up in shipments from the Mideast Gulf.The key markets of US, Europe and Asia took delivery of around 46,000t from Bahrain and UAE combined in December, government and shipping data showed.The volume fell from close to 60,000t in each of the previous two months and from around 67,000 t/month over the past year.US imports from the two countries fell to less than 7,000t in December, down from typical levels of more than 30,000 t/month over the previous five months.Asia’s imports from Bahrain and UAE by contrast rebounded to a three-month high of close to 30,000t in December amid a rise in supplies to India and China.Global base oil imports from Qatar extended their rise to close to 220,000t in December, from close to 210,000t in November.Before November, monthly shipments from Qatar exceeded the 200,000t level just once during the previous thirteen months.Asia was the destination for most of the additional supplies during the final two months of the year.The higher volumes left imports from Qatar, UAE and Bahrain combined steady at around 265,000t in December.Total imports from the three countries came to more than 2.80mn t in 2023, up from less than 2.70mn t the previous year..US’ December base oils imports rise.Europe’s Dec Group III supply rises
