Europe’s base oils imports from Russia fell in October to the lowest in more than six years as regional buyers lined up alternative supply sources instead.Imports of less than 9,000t from Russia in October fell from around 10,200t the previous month, government data showed. The volume was the lowest since at least 2015.European buyers typically imported large volumes of Group I base oils of Russian origin at the beginning and end of each year. They procured the supplies at a time when cargoes were often at discounted prices.Imports of almost 100,000t combined in the last two months of 2021 and the first three months of this year reflected that trend..Buyers typically held some of the supplies until later in the first quarter of year. Exports from Russia often fell around that time because of plant maintenance work and a seasonal rise in domestic demand in the country.The supplies that buyers had procured earlier helped to cover for the drop in exports from Russia during that period.The supplies also often helped to cushion the impact of a drop in regional Group I supplies because of plant maintenance work in Europe in the first and second quarters of the year. The supplies also helped to cover for a seasonal rise in demand in Europe during the same period.The EU’s imminent ban on imports of oil products from Russia, including base oils, put an end to such a strategy.The change in trade flows raised the prospect of leaving Europe with a smaller supply buffer of Group I base oils ahead of and during any plant maintenance work in the first few months of next year.A drop in European Group I shipments to Turkey was likely to cushion the impact of the loss of the Russian supplies..Turkey's Oct Group I base oils imports steady.Turkey’s demand for supplies from Europe fell this year as the country’s buyers instead procured more cargoes of Russian origin at discounted prices.Some of the displaced European supplies were moving to northwest Europe instead.The fall in Europe’s October base oils imports from Russia reflected a slump in shipments to Greece to a 20-month low. A halt in shipments to the Netherlands contrasted with the delivery of more than 2,500t to the country the previous month.Several markets such as Latvia, Lithuania, Finland and Bulgaria continued to take delivery of regular shipments of Russian origin..Europe’s Sept imports from Russia fall
Europe’s base oils imports from Russia fell in October to the lowest in more than six years as regional buyers lined up alternative supply sources instead.Imports of less than 9,000t from Russia in October fell from around 10,200t the previous month, government data showed. The volume was the lowest since at least 2015.European buyers typically imported large volumes of Group I base oils of Russian origin at the beginning and end of each year. They procured the supplies at a time when cargoes were often at discounted prices.Imports of almost 100,000t combined in the last two months of 2021 and the first three months of this year reflected that trend..Buyers typically held some of the supplies until later in the first quarter of year. Exports from Russia often fell around that time because of plant maintenance work and a seasonal rise in domestic demand in the country.The supplies that buyers had procured earlier helped to cover for the drop in exports from Russia during that period.The supplies also often helped to cushion the impact of a drop in regional Group I supplies because of plant maintenance work in Europe in the first and second quarters of the year. The supplies also helped to cover for a seasonal rise in demand in Europe during the same period.The EU’s imminent ban on imports of oil products from Russia, including base oils, put an end to such a strategy.The change in trade flows raised the prospect of leaving Europe with a smaller supply buffer of Group I base oils ahead of and during any plant maintenance work in the first few months of next year.A drop in European Group I shipments to Turkey was likely to cushion the impact of the loss of the Russian supplies..Turkey's Oct Group I base oils imports steady.Turkey’s demand for supplies from Europe fell this year as the country’s buyers instead procured more cargoes of Russian origin at discounted prices.Some of the displaced European supplies were moving to northwest Europe instead.The fall in Europe’s October base oils imports from Russia reflected a slump in shipments to Greece to a 20-month low. A halt in shipments to the Netherlands contrasted with the delivery of more than 2,500t to the country the previous month.Several markets such as Latvia, Lithuania, Finland and Bulgaria continued to take delivery of regular shipments of Russian origin..Europe’s Sept imports from Russia fall
