Europe’s base oils supply fell to a multi-year low in November as a slump in regional output coincided with a drop in imports.The region’s demand fell less steeply as steadier lube consumption cushioned the impact of a drop in base oil exports.The trend left supply lagging demand for the first time in five months, trimming the size of a supply-build at the end of the year.Europe’s base oils output of less than 300,000t in November fell from close to 330,000t in October to the lowest in at least five years. The slowdown reflected a slump in output of Group I base oils.Lower output coincided with a drop in Europe’s base oils imports to a four-month low of less than 130,000t.Imports slowed because of a dip in supplies from the US and Mideast Gulf.Total supply, or output and imports combined, fell to less than 420,000t in November, from close to 480,000t the previous month and more than 560,000t in September.The slump in supply contrasted with a smaller drop in demand.The region’s base oils exports and lube consumption combined fell to around 445,000t in November, from close to 460,000t the previous month.Demand got support from signs of steadier lube consumption that held at more than 200,000t in November for a third month.Europe’s lube consumption had fallen sharply through the year to September, before steadying from October.The steadier demand left the region facing a supply shortfall of around 30,000t in November and close to 10,000t in October and November combined.The shortfall contrasted with a supply-surplus of more than 150,000t during the same two-month period in 2022..Americas’ Nov base oils supply holds steady.Asia’s Nov base oil supply surplus widens
