Israel Jan base oil imports fall

Israel’s base oils and lubricants imports fell in January to a four-month low amid a sharp drop in shipments from the Mideast Gulf.

Imports of 11,410 kilolitres (10,100t) in January fell from 26,380kl the previous month to the lowest since September, government data showed.

The volume was down from typical levels of around 26,000 kl/month in 2021.

The import volume in 2021 was itself much larger than usual. Imports of 316,600kl last year rose by 40pc from the previous year and by 39pc from 2019.

The rise in imports coincided with a stronger-than-expected rebound in the country’s economic growth last year.

The slowdown in imports in January followed moves by Israel’s tax authorities to implement taxes on imports of base oils and lubricants from the end of last year.

The fall in imports mostly reflected a sharp drop in supplies from regular sources in Europe like Greece and Spain, as well as a sharp fall in shipments from the UAE.