Europe’s base oils exports to North African markets like Egypt fell to a five-month low in December amid a drop in shipments from Italy and Spain.The slowdown extended a pattern of volatile flows from Europe throughout the year.The trend incentivized buyers to line up alternative supplies from other markets instead.The pattern repeated itself in other regional markets like Turkey and Israel and complicated European refiners’ moves to sell export cargoes when they had surplus supplies to clear.Europe’s total base oils exports of around 20,600t in December to Egypt, Morocco, Algeria and Tunisia combined fell from more than 28,000t the previous month to the lowest since July..The lower shipments cut total exports to the four countries to almost 310,000t in 2022. The volume was down 8pc from around 337,000t in 2021.Exports slowed because of a drop in shipments from Italy. The country’s base oils output fell sharply last year because of the extended shutdown of a Group I base oils plant during the first half of the year..Italy's December base oils output falls.Italy’s base oils output fell sharply again in December, even without any scheduled plant maintenance work.The fall in shipments from Europe to North Africa contrasted with a rise in supplies from South Korea and especially Saudi Arabia..Saudi Arabia's Jan Yanbu/Jeddah exports fall.Combined exports of more than 32,000t from the two countries to Egypt in 2022 rose from less than 10,000t the previous year.The volume almost balanced out the drop in supplies from Europe and pointed to steady import requirements in North Africa for the year.The shipments from Saudi Arabia highlighted the attraction of regular supplies.The shipments from South Korea highlighted the competitive prices of supplies in the Asia-Pacific market compared with Europe.The trend highlighted the cost of the base oil supply and price volatility in Europe in recent years..Europe’s Dec exports to Nigeria rise
