Global base oils exports to Nigeria fall in May

Global base oils exports to Nigeria stayed high in May as an ongoing surge in shipments from the US countered a slump in supplies from Europe.

Base oils exports from US, Europe and Asia-Pacific fell to around 33,400t in May, from more than 49,000t the previous month, government and shipping data showed.

The May volume was the second highest in six months because of a sustained rise in supplies from the US.

The US accounted for 88pc of total base oils shipments to Nigeria in May.

The share was up from little more than half the total during the previous three months and close to zero during the six months to January.

A repeat of that trend this year depends on a pick-up in surplus supplies of Group I base oils from Europe over the coming months.