S Africa’s April base oil imports rise

South Africa’s base oil imports rose in April to a 10-month high as a jump in supplies from Mideast Gulf added to steady flows from more regular sources.

Total imports of 36,750 kilolitres (32,550t) in April rose by 38pc from 26,710kl the previous month and by 25pc from year-earlier levels, government data showed.

The volume was well above typical import levels of around 27,000 kl/month over the past year.

The country’s base oil imports have remained at firm levels even amid tighter availability of supplies in the US and northwest Europe, which supply most of South Africa’s overseas shipments.

The steady flows from those markets suggested most of the supplies consisted of term volumes.

South Africa's supplies got a further boost in April from a surge in shipments from Saudi Arabia. Imports of 6,830kl from the Mideast Gulf country were a record high and the first such supplies since last September.

Imports from Saudi Arabia had previously been rare. Volumes were typically less than 100 kl/month.

Any continuation of that trend could reflect moves by the country to boost exports to the African market. Any such continuation would also create new competition for South Africa’s more regular large suppliers.