The delivery of premium-grade base oils from the Mideast Gulf to key global markets fell in February to the lowest since mid-2020.The slowdown reflected a simultaneous fall in shipments from UAE, Bahrain and Qatar.The countries are home to close to 2.50mn t/yr of premium-grade base oils production capacity.The US, Europe and Asia-Pacific took delivery of less than 150,000t from the three countries in February, government data showed.The volume fell from close to 270,000t in January to the lowest since June 2020.Imports from the three countries averaged more than 220,000 t/month in 2022.Global Group III base oils prices held firm relative to other base oils grades in the first quarter of the year, reflecting the product’s strong fundamentals..Feb premium-grade base oils imports from UAE fall
The delivery of premium-grade base oils from the Mideast Gulf to key global markets fell in February to the lowest since mid-2020.The slowdown reflected a simultaneous fall in shipments from UAE, Bahrain and Qatar.The countries are home to close to 2.50mn t/yr of premium-grade base oils production capacity.The US, Europe and Asia-Pacific took delivery of less than 150,000t from the three countries in February, government data showed.The volume fell from close to 270,000t in January to the lowest since June 2020.Imports from the three countries averaged more than 220,000 t/month in 2022.Global Group III base oils prices held firm relative to other base oils grades in the first quarter of the year, reflecting the product’s strong fundamentals..Feb premium-grade base oils imports from UAE fall