Europe’s base oils imports from Russia rose to a five-month high in January, boosting supplies ahead of an EU ban on Russian base oils from the beginning of February.Europe’s base oils imports from Russia typically rise strongly in the first few months of each year.The volumes help to cover for lower supply during scheduled maintenance work in the region and for a seasonal rise in demand.The supplies consist mostly of Group I base oils.The EU ban on Russian base oils imports from February removes that supply buffer.The timing of the ban coincided with the period when European buyers’ consumption of Russian base oils usually rises.The impact of the ban has been muted so far.Europe's lower-than-usual base oils demand early this year and blenders’ delayed stock-replenishment plans cushioned the impact of the loss of the supplies.The slower consumption prolonged availability of existing supplies of Russian base oils. These got a boost from the rise in imports in January.Europe’s total base oils imports of more than 12,400t from Russia in January rose from less than 7,000t the previous month to the highest since August..Finland’s base oils imports rose in January to a five-month high of more than 2,000t.Romania’s base oils imports of more than 2,600t were the highest in more than seven years.A seasonal round of base oils stock-replenishment in the region over the coming weeks is likely to highlight more the repercussions of the halt in base oils supplies from Russia.It would also highlight the relatively low imports from Russia in January. The volume fell for an eighth month in nine from year-earlier levels and from more than 20,000t in January 2022..Europe’s Dec base oils supply falls
Europe’s base oils imports from Russia rose to a five-month high in January, boosting supplies ahead of an EU ban on Russian base oils from the beginning of February.Europe’s base oils imports from Russia typically rise strongly in the first few months of each year.The volumes help to cover for lower supply during scheduled maintenance work in the region and for a seasonal rise in demand.The supplies consist mostly of Group I base oils.The EU ban on Russian base oils imports from February removes that supply buffer.The timing of the ban coincided with the period when European buyers’ consumption of Russian base oils usually rises.The impact of the ban has been muted so far.Europe's lower-than-usual base oils demand early this year and blenders’ delayed stock-replenishment plans cushioned the impact of the loss of the supplies.The slower consumption prolonged availability of existing supplies of Russian base oils. These got a boost from the rise in imports in January.Europe’s total base oils imports of more than 12,400t from Russia in January rose from less than 7,000t the previous month to the highest since August..Finland’s base oils imports rose in January to a five-month high of more than 2,000t.Romania’s base oils imports of more than 2,600t were the highest in more than seven years.A seasonal round of base oils stock-replenishment in the region over the coming weeks is likely to highlight more the repercussions of the halt in base oils supplies from Russia.It would also highlight the relatively low imports from Russia in January. The volume fell for an eighth month in nine from year-earlier levels and from more than 20,000t in January 2022..Europe’s Dec base oils supply falls
