Asia-Pacific base oil exports were almost unchanged in February from the previous month as rising supplies from Japan balanced out an ongoing slowdown in shipments from South Korea.Total base oil exports from Asia-Pacific held at 519,710t in February, versus 519,180t the previous month, government data showed. The volume remained well below typical monthly shipments of around 548,000t in 2021..Exports have slowed at a time when base oil prices have struggled to keep pace with surging crude and diesel prices. Squeezed base oil margins have incentivized refiners to produce more diesel instead.Some refiners were also preparing for plant maintenance work in the second quarter of the year.The lower base oil exports in January and February compared with last year mostly reflected a sustained fall in shipments from South Korea. The February volume from that market was the lowest in six months.Base oil exports from Thailand and Indonesia also edged lower in February from the previous month amid a slowdown in bright stock shipments to China.A rise in shipments from Japan, Singapore and Taiwan countered the slowdown from those other markets. The volume was the largest from Japan in seven months and from Singapore in five months..South Korea’s Feb base oil exports fall
Asia-Pacific base oil exports were almost unchanged in February from the previous month as rising supplies from Japan balanced out an ongoing slowdown in shipments from South Korea.Total base oil exports from Asia-Pacific held at 519,710t in February, versus 519,180t the previous month, government data showed. The volume remained well below typical monthly shipments of around 548,000t in 2021..Exports have slowed at a time when base oil prices have struggled to keep pace with surging crude and diesel prices. Squeezed base oil margins have incentivized refiners to produce more diesel instead.Some refiners were also preparing for plant maintenance work in the second quarter of the year.The lower base oil exports in January and February compared with last year mostly reflected a sustained fall in shipments from South Korea. The February volume from that market was the lowest in six months.Base oil exports from Thailand and Indonesia also edged lower in February from the previous month amid a slowdown in bright stock shipments to China.A rise in shipments from Japan, Singapore and Taiwan countered the slowdown from those other markets. The volume was the largest from Japan in seven months and from Singapore in five months..South Korea’s Feb base oil exports fall
