Global base oils exports to Nigeria rebounded in December to the second-highest level in almost two years as overseas suppliers moved to clear surplus volumes from their domestic markets.Exports to Nigeria had slowed sharply in October and November mostly because of a drop in shipments from Europe, where Group I supply especially was unusually low.The slowdown left Nigeria facing increasingly tight supply and an attractive outlet for surplus shipments from other markets such as the US.A swathe of shipments from the US duly moved to Nigeria in December and in the first two months of this year.Total exports of close to 50,000t to Nigeria in December rose from less than 20,000t during the previous two months combined.Even with the rebound in December, total exports of less than 70,000t in the final three months of 2023 were the lowest quarterly volume in a year.The US is likely to remain an increasingly important source of supplies for Nigeria as Europe faces the prospect of a further drop in base oils production capacity in the coming months.Nigeria is similarly an increasingly important outlet for surplus supplies from the US.Base oils exports from the US surged during the final two months of last year as refiners moved to clear unusually large surplus volumes in response to weak domestic demand.The domestic demand weakness extended into the start of this year..US’ December base oils imports rise.Global base oils exports to Nigeria fall in November
Global base oils exports to Nigeria rebounded in December to the second-highest level in almost two years as overseas suppliers moved to clear surplus volumes from their domestic markets.Exports to Nigeria had slowed sharply in October and November mostly because of a drop in shipments from Europe, where Group I supply especially was unusually low.The slowdown left Nigeria facing increasingly tight supply and an attractive outlet for surplus shipments from other markets such as the US.A swathe of shipments from the US duly moved to Nigeria in December and in the first two months of this year.Total exports of close to 50,000t to Nigeria in December rose from less than 20,000t during the previous two months combined.Even with the rebound in December, total exports of less than 70,000t in the final three months of 2023 were the lowest quarterly volume in a year.The US is likely to remain an increasingly important source of supplies for Nigeria as Europe faces the prospect of a further drop in base oils production capacity in the coming months.Nigeria is similarly an increasingly important outlet for surplus supplies from the US.Base oils exports from the US surged during the final two months of last year as refiners moved to clear unusually large surplus volumes in response to weak domestic demand.The domestic demand weakness extended into the start of this year..US’ December base oils imports rise.Global base oils exports to Nigeria fall in November
