The delivery of premium-grade base oils from Qatar to key global outlets rose to a six-month high in November amid a surge in shipments to Asia.The rise in flows to Asia extended a trend throughout the year, boosting the region’s share of total supplies from Qatar.Asia, combined with Europe and the US, took delivery of more than 205,000t of base oils from Qatar in November, government and customs data showed.The volume rose from less than 160,000t the previous month.Imports of 1.78mn t in the first eleven months of the year were up 2pc from around 1.74mn t during the same period the previous year.Asia’s imports accounted for more than 65pc of Qatar’s total shipments in November and 56pc of total supplies in the first eleven months of the year.The share was up from around 54pc of the total during the same period in 2022.Shipments to the region surged to more than 135,000t in November on the back of unusually high volumes to Hong Kong and Singapore. Europe accounted for around 15pc of imports from Qatar in November and around 18pc of the total in the first eleven months of the year. The share was steady from year-earlier levels.The US’ share of total shipments fell to less than 20pc of the total in November and to around 26pc of the total in the first eleven months of the year.The share was down from more than 28pc of year-earlier volumes.Asia’s share of total imports from Qatar rose even with regional Group III prices maintaining a steep discount to prices in US and Europe, ICIS data showed.But lube demand was firmer throughout much of the Asia-Pacific region compared with Europe and the US.Those markets by contrast faced pressure from weak lube demand and plentiful supplies of Group III base oils..Europe’s Nov premium-grade imports from Mideast Gulf fall
The delivery of premium-grade base oils from Qatar to key global outlets rose to a six-month high in November amid a surge in shipments to Asia.The rise in flows to Asia extended a trend throughout the year, boosting the region’s share of total supplies from Qatar.Asia, combined with Europe and the US, took delivery of more than 205,000t of base oils from Qatar in November, government and customs data showed.The volume rose from less than 160,000t the previous month.Imports of 1.78mn t in the first eleven months of the year were up 2pc from around 1.74mn t during the same period the previous year.Asia’s imports accounted for more than 65pc of Qatar’s total shipments in November and 56pc of total supplies in the first eleven months of the year.The share was up from around 54pc of the total during the same period in 2022.Shipments to the region surged to more than 135,000t in November on the back of unusually high volumes to Hong Kong and Singapore. Europe accounted for around 15pc of imports from Qatar in November and around 18pc of the total in the first eleven months of the year. The share was steady from year-earlier levels.The US’ share of total shipments fell to less than 20pc of the total in November and to around 26pc of the total in the first eleven months of the year.The share was down from more than 28pc of year-earlier volumes.Asia’s share of total imports from Qatar rose even with regional Group III prices maintaining a steep discount to prices in US and Europe, ICIS data showed.But lube demand was firmer throughout much of the Asia-Pacific region compared with Europe and the US.Those markets by contrast faced pressure from weak lube demand and plentiful supplies of Group III base oils..Europe’s Nov premium-grade imports from Mideast Gulf fall