Global base oils exports to Nigeria fell in November to the lowest in more than three years amid a simultaneous slump in supplies from Europe and the US.Total exports to the west African country came to less than 2,500t in November, government and shipping data showed.The volume fell from around 17,000t in October and from typical levels of close to 29,000 t/month over the past year.Exports to the country were close to or more than 80,000t in each of the first three quarters of the year.Base oils exports held firm even in the face of Nigeria’s steep currency depreciation, chronic US dollar shortages and a slowdown in shipments of Russian origin.Exports of less than 20,000t in October and November combined suggested that the fourth-quarter volume would be much lower than during the first three quarters of the year.Supplies fell amid a dip in Europe’s total base oils exports in November, and as US refiners prioritized other markets like Europe and Latin America.The flow of supplies from Mideast Gulf and Asia remained sporadic.The slowdown raised the prospect of a pick-up in Nigeria’s demand for additional supplies early this year.Such a move would coincide with and provide a valuable outlet for a seasonal rise in surplus supplies in US and Europe..US’ Nov base oils exports rise
Global base oils exports to Nigeria fell in November to the lowest in more than three years amid a simultaneous slump in supplies from Europe and the US.Total exports to the west African country came to less than 2,500t in November, government and shipping data showed.The volume fell from around 17,000t in October and from typical levels of close to 29,000 t/month over the past year.Exports to the country were close to or more than 80,000t in each of the first three quarters of the year.Base oils exports held firm even in the face of Nigeria’s steep currency depreciation, chronic US dollar shortages and a slowdown in shipments of Russian origin.Exports of less than 20,000t in October and November combined suggested that the fourth-quarter volume would be much lower than during the first three quarters of the year.Supplies fell amid a dip in Europe’s total base oils exports in November, and as US refiners prioritized other markets like Europe and Latin America.The flow of supplies from Mideast Gulf and Asia remained sporadic.The slowdown raised the prospect of a pick-up in Nigeria’s demand for additional supplies early this year.Such a move would coincide with and provide a valuable outlet for a seasonal rise in surplus supplies in US and Europe..US’ Nov base oils exports rise
