Base oils exports from US and Europe to Nigeria slumped in January to the second-lowest level in more than two years.A rise in shipments from the Baltic market and a surge in exports from South Korea to Nigeria more than countered the slowdown.Total exports of more than 40,000t to Nigeria in January fell from close to 50,000t the previous month, government and shipping data showed.The supplies originated from US, Europe, the Baltic market, and Asia.The January volume remained higher than usual.But the composition of the supplies likely contrasted with the shipments in December and raised the prospect of ongoing requirements for heavier-grade base oils.Total exports from Europe, the US and the Baltic market combined fell to around 20,000t in January, from more than 45,000t the previous month, government and shipping data showed.Most of the January supplies originated from the Baltic region.Most of the December supplies originated from the US and Europe.The supplies during both months likely consisted of light and especially heavier-grade Group I and Group II base oils.The January exports to Nigeria got a further boost from the shipment of more than 20,000t from South Korea to the West African country.The size of the shipment, and Asia’s firm supply-demand fundamentals for heavy grades, suggested that a large portion of the cargo consisted of very-light grade base oils.Nigeria’s base oils requirements typically focus more on heavier grades rather than very-light grade supplies.Those requirements suggested that Nigeria’s base oils demand for overseas supplies was likely to hold firm even with the surge in total shipments in January..S Korea’s January exports to Nigeria rise.Global exports to Nigeria rise in December
