Europe’s base oils imports from Russia fell in December to the lowest in more than seven years as buyers lined up alternative supplies.The move came ahead of the EU ban on oil product imports from Russia, including base oils, from the beginning of February.Europe’s base oils imports of 6,890t from Russia in December fell from more than 10,000t the previous month and by 50pc from year-earlier levels..The drop in imports from Russia before February suggested that the impact of the ban would be limited and that buyers had already lined up alternative sources of supply.The alternative sources likely mostly consisted of Group I base oils from refiners in Europe.Most of Russia’s base oils shipments to Europe had consisted of Group I base oils.There was plentiful availability of Group I base oils in Europe in late 2022 and early 2023.But inconsistent availability has been a growing characteristic of the product in recent years.European Group I base oils prices were unusually volatile in response to the sharp change in availability of regional supplies during those years.Group I base oils from Russia had been a key source of supplies in 2021 especially when availability in Europe and in Asia was unexpectedly tight.Supplies from Russia had helped to cushion the impact of an unexpected and prolonged shutdown of a Group I base oils unit in Italy in the first half of 2022.Regional buyers would be unable to turn to shipments of Russian origin to cover for any unexpected loss of supplies in Europe this year.Surplus availability in other markets would help to cover any shortfall. But supplies from other regions would take longer to reach Europe than shipments from the Baltic or product already in storage tanks in markets like northwest Europe.Europe’s total base oils imports of 184,570t from Russia in 2022 fell by 13pc from 212,620t the previous year to the lowest in more than seven years.A surge in shipments in the first four months of the year cushioned the size of the slowdown.Imports of 83,960t in the last eight months of 2022 fell by more than 40pc from year-earlier levels..Turkey’s December Group I imports rise
