Europe’s Group II base oils supply held firm in September as higher output in the region balanced out a fall in imports from the US especially.Total supply of around 163,000t in September fell from close to 165,000t the previous month, government data showed.Total supply of 1.34mn t in the first nine months of the year rose by 11pc from 1.21mn t during the same period last year.Supply rose this year even with a fall in shipments from the US and even amid shrinking lube consumption in the European market.Base oils imports of around 452,000t from the US so far this year were down 7pc from close to 485,000t during the same period last year.Most of the supplies from the US consist of Group II base oils.Higher base oils output in the Netherlands more than made up the drop in imports.Output of 840,000t in the first nine months of the year rose by some 170,000t from year-earlier levels.The premium of Europe’s Group II base oils prices over Group I base oils stayed wider this year than in 2022 even with rising supply of the premium-grade product, ICIS data showed..Netherlands’ Sept base oils output rises
