Europe’s Sept exports to Nigeria rise

Europe’s base oils exports to Nigeria rose in September to the second-highest level in eighteen months, following a slump in shipments during the previous two months.

Total exports to Nigeria from Europe and the Baltic region rose to more than 25,000t in September, government and shipping data showed.

The volume rose from less than 7,500t during the previous two months combined.

Total exports of little more than 38,000t to Nigeria in the third quarter still fell from more than 55,000t during the previous three months to the lowest since first-half 2022.

Exports to Nigeria had averaged more than 68,000t per quarter in 2021.

The pick-up in shipments in September followed a seasonal slowdown in Nigeria’s demand during the third quarter of the year.

Complications with payment of cargoes compounded the slowdown in demand.

Supply was also tighter.

Europe’s more limited surplus availability of Group I base oils supported base oil export prices at levels that made the arbitrage hard to work to outlets like Nigeria.

Most of the shipments to Nigeria in September originated from the UK, Greece and the Netherlands.