Global base oils exports to key markets in Africa fell back to more typical levels in December following a surge in shipments during the previous two months.The lower volumes pointed to a slowdown in moves to clear surplus supplies from markets like the US.Any such slowdown suggested that the US market faced less pressure from surplus volumes following a sustained rise in shipments to markets like Africa during the second half of the year.Total base oils exports to Egypt, Nigeria, South Africa and Kenya combined fell back to less than 80,000 tonnes in December, government data showed..The volume fell from more than 110,000 tonnes in each of the previous two months.There was a similar surge in exports to Africa at end-2023 and early 2024, pointing to similar moves to clear surplus volumes.The slowdown in shipments in December suggested that the moves to trim any surplus began earlier last year than in 2023.Steadier US base oils export prices since last November in turn pointed to more muted pressure from any surplus volumes at year-end.The steady prices contrasted with a sustained slump in US export prices in late-2023 that extended to March 2024 as refiners moved to clear a large supply overhang.Total exports to Nigeria fell to a seven-month-low of 20,000 tonnes in December.The drop in shipments, from more than 60,000 tonnes the previous month, added to signs that a larger share of exports in December consisted of term rather than surplus spot volumes.The surge in US exports to Africa in second-half 2024 contrasted with steadier flows from Europe.That region remained Africa’s largest and most stable source of supplies throughout last year, with most of the shipments likely consisting of regular term supplies..Global base oils exports to Middle East stay low in January.Global exports to Africa stay high in Nov
Global base oils exports to key markets in Africa fell back to more typical levels in December following a surge in shipments during the previous two months.The lower volumes pointed to a slowdown in moves to clear surplus supplies from markets like the US.Any such slowdown suggested that the US market faced less pressure from surplus volumes following a sustained rise in shipments to markets like Africa during the second half of the year.Total base oils exports to Egypt, Nigeria, South Africa and Kenya combined fell back to less than 80,000 tonnes in December, government data showed..The volume fell from more than 110,000 tonnes in each of the previous two months.There was a similar surge in exports to Africa at end-2023 and early 2024, pointing to similar moves to clear surplus volumes.The slowdown in shipments in December suggested that the moves to trim any surplus began earlier last year than in 2023.Steadier US base oils export prices since last November in turn pointed to more muted pressure from any surplus volumes at year-end.The steady prices contrasted with a sustained slump in US export prices in late-2023 that extended to March 2024 as refiners moved to clear a large supply overhang.Total exports to Nigeria fell to a seven-month-low of 20,000 tonnes in December.The drop in shipments, from more than 60,000 tonnes the previous month, added to signs that a larger share of exports in December consisted of term rather than surplus spot volumes.The surge in US exports to Africa in second-half 2024 contrasted with steadier flows from Europe.That region remained Africa’s largest and most stable source of supplies throughout last year, with most of the shipments likely consisting of regular term supplies..Global base oils exports to Middle East stay low in January.Global exports to Africa stay high in Nov
