Base oil imports from Qatar slow in Dec

Key markets like US, Germany and Hong Kong took delivery of a lower volume of base oils from Qatar in December for the second time in three months.

Those destinations took delivery of less than 110,000t of base oils from Qatar in December, statistics and customs data showed.

The volume was down from more than 200,000t in November and the second-lowest in 17 months. The lowest volume since then had been in October.

The slowdown reflected a drop in the arrival of shipments in all three key markets of US, Germany and Hong Kong.

The Asia-Pacific outlet saw no imports from Qatar in December for the first time in four months. More supplies arrived in January, but those volumes were lower than usual.

Germany’s base oil imports from Qatar fell in December to a 10-month low.

US imports from Qatar fell sharply in December from the previous month to levels that were well below typical monthly volumes over the past year.

Qatar is a key supplier of premium-grade base oils for the global lubricants market.

Tight supply and strong demand for premium-grade base oils triggered a surge in prices for these supplies throughout 2021.

Prices held firm in the second half of the year even as prices for other grades fell. That price strength has extended into this year.