Europe’s June exports to Nigeria rise

Europe’s base oils exports to Nigeria rebounded to a fifteen-month high in June amid a surge in shipments from the Netherlands and UK.

Base oils exports from Europe and Baltic markets rose to close to 31,000t in June, up from less than 5,000t the previous month, government and shipping data showed.

The rise in shipments boosted total exports to around 95,000t in the first half of the year.

The volume rose from close to 69,000t during the same period last year, even with a slump in shipments from the Baltic region.

The higher volumes instead reflected a rise in flows from the UK especially, as well as sporadic arbitrage shipments from markets like Greece and Italy earlier in the year.

Exports to Nigeria rose even amid signs of tighter Group I base oils supply in Europe because of plant maintenance work and a drop in imports from Russia.