Finland’s January base oil exports rise

Finland’s base oil exports held firm in January amid a pick-up in shipments to Belgium and Russia.

Exports of 36,900t in January rose from 29,490t the previous month, EU data showed.

The shipments were similar to monthly export volumes during second-half 2021 and well above average levels of less than 27,000 t/month during the first half of last year.

The firmer export volumes at the start of this year mirrored a similar trend in Spain.

Exports of premium-grade base oils from that market had also fallen sharply in first-half 2021. They then rebounded in the second half of the year and extended that recovery into the start of this year.

Like Spain, Finland is a key source of Group III base oils in Europe.

The lower volumes last year reflected the impact of plant maintenance in both Finland and Spain during the first half of the year. The tighter supply that ensued triggered a surge in Group III base oil prices.

The higher volumes at the start of this year partly reflect the lack of any such planned maintenance work.

But regional Group III prices have remained elevated. Their premium to Group I base oils remained much higher than during the same time last year.

Belgium, Russia and Germany remained the key outlets for the shipments from Finland in January.