Indonesia’s Group III base oils exports fell to a four-month low in November, mirroring signs of a slowdown in shipments from South Korea that month.The drop in supplies from both markets had little impact on global Group III base oils prices, which remained under sustained downward pressure that extended into the start of this year.Indonesia’s Group III base oils exports of 16,000t in November fell from 18,000t the previous month, government data showed.The volume extended a trend of exports holding below the 20,000t level for most of the past year. They had typically averaged close to 30,000 t/month before mid-2022.Global Group III base oils supply was increasingly plentiful last year even with the drop in shipments from Indonesia. Group III volumes held firm from Mideast Gulf and Europe and rose in US and China.But Europe’s Group III prices for supplies with OEM approvals moved to a record-high premium to Group III prices for supplies with some or no approvals, ICIS data showed.Exports from Indonesia include supplies with OEM approvals.A continued slowdown in exports from Indonesia could have a larger market impact this year, when maintenance work is scheduled to impact production at plants in Asia and Europe during the first half of the year.The slowdown in Indonesia's shipments in November reflected an ongoing pause in supplies to China and a slowdown in exports to the Netherlands and South Korea.A portion of the volumes bound for the northeast Asian country typically then moves on to the US..S Korea’s Nov base oils exports fall
