Global base oils exports to Egypt fell in November to their lowest in more than four years, adding to a slowdown in shipments to key outlets in Africa that month.The drop in shipments to Egypt coincided with slowing economic growth, a weak currency and high inflation.The trend incentivized domestic blenders to minimize their base oils inventories.Even so, the unusually steep drop in shipments for a second month raised the prospect of increasingly tight domestic base oils supplies and a need to replenish those stocks.Exports of less than 5,000t to Egypt in November fell from an already-low volume of around 6,000t the previous month, government data showed.Most of the November supplies originated from Spain.Before October, base oils exports to Egypt had averaged close to 17,000 t/month over the previous twelve months.The supplies originated from the US, Europe, Asia and Saudi Arabia.The drop in base oils shipments in November mirrored a similar fall in supplies to Nigeria, South Africa and Kenya that month.Base oils exports of less than 1,000t to Kenya in November were the lowest in seven months.The slowdown raised the prospect of a revival in shipments to those markets to replenish depleted inventories.There were already signs of a pick-up in arbitrage shipments to Nigeria in January..Global base oils exports to Nigeria fall in November
Global base oils exports to Egypt fell in November to their lowest in more than four years, adding to a slowdown in shipments to key outlets in Africa that month.The drop in shipments to Egypt coincided with slowing economic growth, a weak currency and high inflation.The trend incentivized domestic blenders to minimize their base oils inventories.Even so, the unusually steep drop in shipments for a second month raised the prospect of increasingly tight domestic base oils supplies and a need to replenish those stocks.Exports of less than 5,000t to Egypt in November fell from an already-low volume of around 6,000t the previous month, government data showed.Most of the November supplies originated from Spain.Before October, base oils exports to Egypt had averaged close to 17,000 t/month over the previous twelve months.The supplies originated from the US, Europe, Asia and Saudi Arabia.The drop in base oils shipments in November mirrored a similar fall in supplies to Nigeria, South Africa and Kenya that month.Base oils exports of less than 1,000t to Kenya in November were the lowest in seven months.The slowdown raised the prospect of a revival in shipments to those markets to replenish depleted inventories.There were already signs of a pick-up in arbitrage shipments to Nigeria in January..Global base oils exports to Nigeria fall in November
