Global base oils exports to key markets in Africa stayed higher than usual in November even as they fell from even higher levels the previous month.The sharp rise in exports during three of the last four months to November reflected a pick-up in spot shipments from the US and Turkey especially.The dynamic showed signs of extending at least through the month of December amid moves to remove surplus supplies from the US especially during the final months of 2024.Any subsequent slowdown in shipments from the US would then increase further Africa’s reliance on Europe for most of its base oils supplies.Total shipments to Egypt, Nigeria, South Africa and Kenya combined came to close to 90,000 tonnes in November, government data showed.The volume fell from a two-year high of more than 110,000 tonnes in October.But it rose for a third time in four months from year-earlier levels and remained well above typical levels of around 75,000 tonnes/month in the first ten months of the year.Nigeria was the destination for more than 40,000 tonnes of the shipments.The volume was the highest in ten months and up from typical levels of less than 25,000 tonnes/month in 2024.Supplies surged mostly on the back of a further rise in shipments from the US.More supplies loaded from the US in December before moving to Nigeria.The rise in shipments raised the prospect of leaving Nigeria with a growing surplus and subsequent slowdown in requirements.Exports to Egypt rose to a seven-month high in November mostly because of a jump in supplies from Turkey.The supplies added to a rise in shipments from Turkey or Russia to Egypt since the second quarter of last year.The pick-up in flows coincided with a surge in Europe’s base oils imports from Egypt throughout last year.The changing trade flows suggested that the shipments from Turkey and Russia freed up more of Egypt’s own Group I base oils to move to Europe.Those flows were likely to continue so long as Europe’s Group I base oils demand held firm and prices held at a steep premium to other markets..US’ Nov base oils/lube exports slip.Global exports to Middle East slip in Dec.Global exports to Africa rise in October
Global base oils exports to key markets in Africa stayed higher than usual in November even as they fell from even higher levels the previous month.The sharp rise in exports during three of the last four months to November reflected a pick-up in spot shipments from the US and Turkey especially.The dynamic showed signs of extending at least through the month of December amid moves to remove surplus supplies from the US especially during the final months of 2024.Any subsequent slowdown in shipments from the US would then increase further Africa’s reliance on Europe for most of its base oils supplies.Total shipments to Egypt, Nigeria, South Africa and Kenya combined came to close to 90,000 tonnes in November, government data showed.The volume fell from a two-year high of more than 110,000 tonnes in October.But it rose for a third time in four months from year-earlier levels and remained well above typical levels of around 75,000 tonnes/month in the first ten months of the year.Nigeria was the destination for more than 40,000 tonnes of the shipments.The volume was the highest in ten months and up from typical levels of less than 25,000 tonnes/month in 2024.Supplies surged mostly on the back of a further rise in shipments from the US.More supplies loaded from the US in December before moving to Nigeria.The rise in shipments raised the prospect of leaving Nigeria with a growing surplus and subsequent slowdown in requirements.Exports to Egypt rose to a seven-month high in November mostly because of a jump in supplies from Turkey.The supplies added to a rise in shipments from Turkey or Russia to Egypt since the second quarter of last year.The pick-up in flows coincided with a surge in Europe’s base oils imports from Egypt throughout last year.The changing trade flows suggested that the shipments from Turkey and Russia freed up more of Egypt’s own Group I base oils to move to Europe.Those flows were likely to continue so long as Europe’s Group I base oils demand held firm and prices held at a steep premium to other markets..US’ Nov base oils/lube exports slip.Global exports to Middle East slip in Dec.Global exports to Africa rise in October
