Global base oils exports to the Middle East likely fell in March amid a dip in shipments from Asia.The slowdown followed a surge in global shipments to the region in February to an eleven-month high.The February volumes helped to replenish blenders’ inventories.Blenders’ higher stocks cushioned the impact of any slowdown in March shipments and curbed their urgency to seek additional supplies at the start of the second quarter of the year.The recent volatility of crude oil prices and the prospect of improving availability in Asia in the coming weeks added to the value of the flexibility to hold back.Base oils exports from Asia to the UAE and Saudi Arabia combined fell to less than 20,000 tonnes in March, from almost 35,000 tonnes the previous month, government data showed.A pick-up in shipments from Taiwan and Singapore helped to keep the March volume well above levels of less than 10,000 tonnes in December and in January.The supplies from Taiwan pointed to ongoing surplus volumes in Asia even at the end of the first quarter of the year.The supplies from Singapore extended a sustained pick-up in shipments from the island-state to the UAE since the middle of last year.All the volumes consisted of supplies that were re-exported from Singapore and followed a surge in the island-state’s base oils imports from Europe and US from the third quarter of last year.The higher export volume from Asia in February got a further boost from firm exports from Europe and a jump in shipments from the US.Total shipments from the three regions to the UAE and Saudi Arabia duly rose to close to 60,000 tonnes in February..The volume rose from less than 25,000 tonnes in each of the previous two months to the highest since March 2024.The US' exports were the highest in a year and highlighted that market’s persistent surplus volumes to clear.The Netherlands accounted for an unusually large share of the shipments from Europe amid a slump in supplies from Italy in the first two months of the year.The surge in total exports in February and sufficient, even if lower shipments in March likely left blenders with sufficient volumes to cover requirements well into the second quarter of the year..Singapore’s March base oils exports rise.S Korea's March exports to India rise.US’ February base oils exports rise.Global exports to Middle East rise in Feb
