Global base oils exports to the Mideast Gulf fell to a six-month low in December as a slump in supplies from Asia outweighed a pick-up in shipments from the US and Europe.Exports to the region showed signs of recovering in January amid a rebound in shipments of premium-grade base oils from Asia.Some of those shipments reached the Mideast Gulf from the beginning of this month.Tight availability of Group I base oils in Asia continued to curb the flow of those supplies from the region.That dynamic was likely to continue at least over the coming months and increased the importance of shipments from Europe to boost supplies of higher-quality Group I base oils.Supplies from Europe in turn faced complications because of the logistical difficulties of shipments via the Red Sea.Total base oils exports to the UAE and Saudi Arabia fell to around 25,000t in December, government data showed.The volume fell from close to 35,000t the previous month to the lowest since last June.Even with the slowdown, total exports of 474,000t to the region in 2023 rose from around 360,000-380,000t in each of the previous four years.Exports rose last year mostly because of a surge in shipments from Asia to close to 280,000t, from less than 170,000t in 2022.The increase in supplies from Asia mostly reflected a surge in shipments from South Korea.The trend could change again once new production in India comes online over the coming year.Any export supplies from that market would enjoy a logistical and time advantage over shipments from northeast Asia..S Korea’s January exports to Nigeria rise.Taiwan’s Jan base oils exports surge
