Exports rise as higher shipments from domestic sources counter drop in re-exportsRising exports from domestic sources keep imports close to two-year lowWaning requirements for overseas supplies pressure US/Europe shipments to target other outlets.Singapore’s base oils exports diverged in the four weeks to 7 January, with shipments from domestic production rising while volumes originating from overseas sources extended their fall.The shift underscored the city-state’s expanded production capacity and reduced reliance on imported material following the start-up of a new base oils unit in September..ExxonMobil ships Group II base stocks from new Singapore units.The dynamic allowed Singapore to sustain firm export volumes, with supplies from domestic sources lifting their share of total shipments to the highest level in a year.Total base oils exports recovered to 154,000 tonnes, up from around 145,000 tonnes the previous week, Enterprise Singapore data showed..Key Highlights· Exports from domestic sources exceeded 90% of total shipments, up from less than 85% in November and below 75% in mid-year.· Exports from overseas sources fell to their lowest level since January 2025, extending a sharp decline over the past month.· Shipments to southeast Asia stayed rangebound, while exports to India slid to the lowest in more than three months..India’s November Base Oils Imports Hold Firm.· Imports hovered near a two-year low, amid a sharp slowdown in arrivals from the US and Europe..Market RepercussionsSingapore’s relatively-stable export volumes despite lower imports highlighted its waning need for top-up volumes from overseas markets to support shipments.Its growing self-sufficiency puts pressure on base oils cargoes that previously moved from US and Europe to Singapore to seek alternative outlets instead..Europe’s October Group I Exports Rise to Three-Month High
