Europe’s April imports from Russia rise

Europe’s base oil imports from Russia extended their rise in April amid an unusual surge in shipments to Lithuania.

Total imports of 29,650t from Russia in April rose from 25,930t the previous month to a 26-month high, EU data showed.

The rise in shipments lifted total imports to 95,200t in the first four months of the year. The volume was up 38pc from 69,200t during the same period last year.

Base oil imports surged even as many European buyers sought alternative supplies in place of shipments of Russian origin.

The move left regional Group I base oil supply unexpectedly tight and demand unusually strong. Prices have surged in response.

Some of Europe’s base oil imports from Russia likely reflected shipments that had been procured several months earlier and only reached their final destination in April.

More than half of the supplies reflected a surge in base oil shipments to Lithuania.

The Baltic country’s imports of 15,870t from Russia in April were up from an already high 9,810t in March and were the highest in more than six years. Its imports from Russia are typically less than 5,000 t/month.

Lithuania is home to the key Baltic port of Klaipeda.

Excluding that country, Europe’s base oil imports from Russia slowed in March and April from year-earlier levels.