The surplus of Europe’s base oils supply over demand fell in May amid lower output and firmer consumption.The region’s total supply, or output and imports combined, fell to less than 550,000t in May, from around 620,000t the previous month.Supply fell as a slump in output outweighed a pick-up in imports.Supply still rose more than 20pc and for a third month from year-earlier levels.Total demand, or regional consumption and base oils exports combined, edged up to around 412,000t, from close to 410,000t in April.It still fell by almost 20pc and for a third month from year-earlier levels.Lower supply and higher demand cut the surplus to less than 135,000t in May, from a nineteen-month high of more than 200,000t in April..Europe’s May lube demand falls
