Asia’s imports of premium-grade base oils from the Middle East rebounded in March to the highest in almost two years amid a pick-up in shipments from Qatar.The rise in imports reversed at least temporarily a sharp fall in shipments from the Middle East to the Asia-Pacific region in 2024.Any extension of the trend could curb the volume of premium-grade base oils supplies from the Middle East bound for the US and Europe.It would also coincide with rising Group III output in China, the completion of more plant maintenance work in Asia, and an expected slowdown in the region’s economic growth over the coming months.Those various factors suggested the recent rebound in shipments to Asia was likely to be temporary.Asia’s imports of premium-grade base oils from UAE, Bahrain and Qatar combined rose to more than 135,000 tonnes in March, government data showed..The volume was the highest since mid-2023 and lifted average imports to more than 90,000 tonnes/month in the first quarter of the year, up from around 67,000 tonnes/month in 2024.The rise in shipments to Asia raised the prospect of extending a period of more volatile flows from the three Middle East countries since end-2024.The US, Europe and Asia took delivery of around 150,000 tonnes of premium-grade base oils from the three Middle East countries in February.The volume was down from more than 250,000 tonnes in January and the second-lowest in nineteen months.The lowest during that period was in December, when imports fell to less than 85,000 tonnes.The volatile flows partly reflected a slump in shipments from Qatar in December.Total imports from the UAE also fell below 20,000 tonnes in December and in February. The volumes were down from typical levels of around 40,000 tonnes/month in 2024.The dip in imports preceded expected plant maintenance work in the country in the second quarter of the year.The dip in imports also preceded signs of a strong pick-up in shipments from the UAE reaching the US in March and April..Europe’s Feb Group III supply edges up.US’ February base oils imports fall.Global exports to Middle East fall in March
Asia’s imports of premium-grade base oils from the Middle East rebounded in March to the highest in almost two years amid a pick-up in shipments from Qatar.The rise in imports reversed at least temporarily a sharp fall in shipments from the Middle East to the Asia-Pacific region in 2024.Any extension of the trend could curb the volume of premium-grade base oils supplies from the Middle East bound for the US and Europe.It would also coincide with rising Group III output in China, the completion of more plant maintenance work in Asia, and an expected slowdown in the region’s economic growth over the coming months.Those various factors suggested the recent rebound in shipments to Asia was likely to be temporary.Asia’s imports of premium-grade base oils from UAE, Bahrain and Qatar combined rose to more than 135,000 tonnes in March, government data showed..The volume was the highest since mid-2023 and lifted average imports to more than 90,000 tonnes/month in the first quarter of the year, up from around 67,000 tonnes/month in 2024.The rise in shipments to Asia raised the prospect of extending a period of more volatile flows from the three Middle East countries since end-2024.The US, Europe and Asia took delivery of around 150,000 tonnes of premium-grade base oils from the three Middle East countries in February.The volume was down from more than 250,000 tonnes in January and the second-lowest in nineteen months.The lowest during that period was in December, when imports fell to less than 85,000 tonnes.The volatile flows partly reflected a slump in shipments from Qatar in December.Total imports from the UAE also fell below 20,000 tonnes in December and in February. The volumes were down from typical levels of around 40,000 tonnes/month in 2024.The dip in imports preceded expected plant maintenance work in the country in the second quarter of the year.The dip in imports also preceded signs of a strong pick-up in shipments from the UAE reaching the US in March and April..Europe’s Feb Group III supply edges up.US’ February base oils imports fall.Global exports to Middle East fall in March
