Europe’s July base oils imports fall

Europe’s base oils imports fell in July to their lowest in more than four years amid a dip in shipments of premium-grade base oils to the region.

Base oils imports of less than 115,000t from countries outside Europe fell from around 145,000t the previous month and by 46pc from year-earlier levels, government data showed.

Imports of 1.05mn t in the first seven months of the year fell from 1.12mn t during the same period last year. They had exceeded year-earlier levels in the first six months of the year.

Imports slowed in July because of a sustained dip in shipments from the US this year.

Shipments from the Mideast Gulf had cushioned the slowdown in supplies from the US in first-half 2023.

But imports from that region also slumped in July, compounding the drop in total imports.