Europe’s imports of Group III base oils from the Mideast Gulf fell to a three-year low in July amid a seasonal slowdown in regional demand and sliding prices.Base oils imports from the UAE, Bahrain and Qatar combined fell to less than 11,000t in July, government data showed.The volume fell from more than 60,000t in May and in June to the lowest since mid-2020.Imports from the three countries came to 332,000t in the first seven months of the year.The volume was still up 17pc from 284,000t during the same period last year even with the slowdown in July shipments.The drop in supplies coincided with a seasonal fall in Europe’s lube demand during the summer months.The lower demand compounded the effect of plentiful availability of Group III base oils in the region.Europe’s Group III base oils prices fell steadily from the start of the second quarter of the year in response to easing supply-tightness, ICIS data showed..S Korea’s August exports to Europe fall
Europe’s imports of Group III base oils from the Mideast Gulf fell to a three-year low in July amid a seasonal slowdown in regional demand and sliding prices.Base oils imports from the UAE, Bahrain and Qatar combined fell to less than 11,000t in July, government data showed.The volume fell from more than 60,000t in May and in June to the lowest since mid-2020.Imports from the three countries came to 332,000t in the first seven months of the year.The volume was still up 17pc from 284,000t during the same period last year even with the slowdown in July shipments.The drop in supplies coincided with a seasonal fall in Europe’s lube demand during the summer months.The lower demand compounded the effect of plentiful availability of Group III base oils in the region.Europe’s Group III base oils prices fell steadily from the start of the second quarter of the year in response to easing supply-tightness, ICIS data showed..S Korea’s August exports to Europe fall
