Europe’s imports of premium-grade base oils from the Mideast Gulf held steady in October on the back of a pick-up in shipments from the UAE.Total imports of around 34,000t from the UAE and Bahrain combined rose from less than 27,000t the previous month, government data showed.Including Qatar, imports of close to 60,000t in October edged up from around 59,000t the previous month.The UAE, Bahrain and Qatar are key producers of Group III and Group III+ base oils.The firm volumes lifted total imports from the three countries to 521,000t in the first ten months of the year. The volume rose 15pc from 453,000t during the same period last year.Shipments to Europe rose even in the face of increasingly weak Group III base oils prices versus feedstock prices and versus other regions like the US, ICIS data showed.The rise in supplies added to pressure on those prices.The trend showed little sign of changing any time soon in the face of rising Group III base oils supply in the Asia and US markets..US’ October base oils imports fall
Europe’s imports of premium-grade base oils from the Mideast Gulf held steady in October on the back of a pick-up in shipments from the UAE.Total imports of around 34,000t from the UAE and Bahrain combined rose from less than 27,000t the previous month, government data showed.Including Qatar, imports of close to 60,000t in October edged up from around 59,000t the previous month.The UAE, Bahrain and Qatar are key producers of Group III and Group III+ base oils.The firm volumes lifted total imports from the three countries to 521,000t in the first ten months of the year. The volume rose 15pc from 453,000t during the same period last year.Shipments to Europe rose even in the face of increasingly weak Group III base oils prices versus feedstock prices and versus other regions like the US, ICIS data showed.The rise in supplies added to pressure on those prices.The trend showed little sign of changing any time soon in the face of rising Group III base oils supply in the Asia and US markets..US’ October base oils imports fall
