Global base oils exports to the Mideast Gulf held firm in November as a rise in shipments from Asia countered a slowdown in supplies from Europe and the US.Exports to the region then likely fell in December amid signs of a sharp fall in flows from Asia.The slowdown would highlight the role of supplies from Asia in triggering a surge in shipments to the Mideast Gulf last year.Any sustained slowdown in shipments from Asia would put pressure on shipments from Europe and US to rise to sustain the pick-up in flows to the region.A sharp rise in flows from Europe to the region was less likely, especially with vessel operators seeking to avoid the Red Sea region.A rise in flows from the US was more feasible. But most arbitrage shipments from that market moved to India, with a much smaller volume ending up in the Mideast Gulf.Total exports to the UAE and Saudi Arabia combined came to around 35,000t in November, up from 30,000t the previous month, government data showed.The rise in shipments helped to lift total exports to close to 449,000t in the first eleven months of the year. The volume was up 38pc from around 326,000t during the same period in 2022.Exports surged last year even amid steady flows from Europe and a small increase in shipments from the US.The increase instead mostly reflected a 74pc rise in supplies from Asia..Global exports to Mideast Gulf fall in Oct.Global base oils imports from UAE/Bahrain fall in November
