South Korea’s base oils exports to the UAE rose in February to the highest in more than a decade, balancing out a slowdown in shipments to India.The country’s base oils exports of more than 35,000t to the UAE in February rose from less than 10,500t the previous month, government data showed.The supplies included a large cargo that was scheduled to reach the UAE this week.The rise in shipments covered for a pause in base oils exports from Taiwan to the Mideast Gulf in February, as well as a slowdown in supplies from other sources.The growing avoidance of shipments via the Red Sea curbed flows to the UAE from sources such as Saudi Arabia and Europe.The slowdown in flows from those markets showed signs of extending at least through the month of March.At the same time, most of a wave of arbitrage shipments from the US were targeting India more than the Mideast Gulf market.A widening premium of CFR UAE Group II prices over CFR India prices in February added to the attraction of moving more shipments from Asia to the Mideast Gulf.South Korea’s base oils exports of less than 69,000t to India in February fell from more than 97,000t in January to a six-month low..S Korea’s February base oils exports fall
