Base oils exports from the Saudi Arabian ports of Yanbu and Jeddah fell in April from the previous month amid a slowdown in shipments to the UAE and India.Exports instead rose to other outlets like Egypt and South Africa.Total shipments of more than 50,000 tonnes in April from Yanbu and Jeddah combined fell from more than 60,000 tonnes the previous month, provisional shipping data showed.Exports fell even as shipments from Jeddah rebounded from a sharp slowdown during the previous two months.The pick-up in flows to markets like South Africa extended a trend of shipments to outlets besides UAE and India accounting for a rising share of base oils exports from the two ports since the start of the year.The trend showed signs of extending into this month amid signs of a pick-up in shipments to outlets like Turkey and Europe.A rising share of shipments to other outlets besides India and UAE sustained firm monthly export volumes from the two ports.It reduced the number of cargoes moving via the Red Sea to their final destination.It coincided with and tapped a drop in availability of Group I base oil export volumes from Europe.It also boosted exposure to markets where base oils production capacity is unlikely to rise anytime soon.India’s base oils production capacity by contrast is set to rise sharply over the coming year as new units start to come online.The rise in production is likely to curb the country’s requirements for supplies from overseas sources.India has been a major outlet for base oils shipments from Saudi Arabia in recent years..India’s April base oils imports rise.Global base oils exports to Mideast Gulf rise in Feb
Base oils exports from the Saudi Arabian ports of Yanbu and Jeddah fell in April from the previous month amid a slowdown in shipments to the UAE and India.Exports instead rose to other outlets like Egypt and South Africa.Total shipments of more than 50,000 tonnes in April from Yanbu and Jeddah combined fell from more than 60,000 tonnes the previous month, provisional shipping data showed.Exports fell even as shipments from Jeddah rebounded from a sharp slowdown during the previous two months.The pick-up in flows to markets like South Africa extended a trend of shipments to outlets besides UAE and India accounting for a rising share of base oils exports from the two ports since the start of the year.The trend showed signs of extending into this month amid signs of a pick-up in shipments to outlets like Turkey and Europe.A rising share of shipments to other outlets besides India and UAE sustained firm monthly export volumes from the two ports.It reduced the number of cargoes moving via the Red Sea to their final destination.It coincided with and tapped a drop in availability of Group I base oil export volumes from Europe.It also boosted exposure to markets where base oils production capacity is unlikely to rise anytime soon.India’s base oils production capacity by contrast is set to rise sharply over the coming year as new units start to come online.The rise in production is likely to curb the country’s requirements for supplies from overseas sources.India has been a major outlet for base oils shipments from Saudi Arabia in recent years..India’s April base oils imports rise.Global base oils exports to Mideast Gulf rise in Feb
