Base oils shipments from the Saudi Arabian ports of Yanbu and Jeddah fell to a four-month low in January, at the same time as availability of supplies from Iran tightened.The tighter availability in the Mideast Gulf attracted surplus volumes from Europe and Asia-Pacific instead.The base oils shipments highlighted the ready availability of surplus supplies in those other regions, where slower economic growth compounded a seasonal dip in demand.The Mideast Gulf faced the prospect of additional supplies from Europe moving to the region.Europe’s ban on base oils imports from Russia also triggered rising interest in moving shipments from that market to the Mideast Gulf..Europe's Dec imports from Russia fall.A pick-up in European demand would help to curb flows from the region to the Mideast Gulf.Lower prices and a recovery in supplies from Iran would make less feasible the arbitrage for supplies from Russia or Asia-Pacific.The trends boosted the attraction of moving more supplies within the Mideast Gulf region to other markets instead.The flow of shipments from Saudi Arabia in January extended such a trend.Base oils shipments from Yanbu and Jeddah combined came to less than 45,000t in January, shipping data showed.The volume fell from less than 48,000t the previous month to the lowest since September..Exports to the largest outlets fell.The share of supplies bound for the UAE or India came to less than 50pc of the January total.Base oils prices in India remained under pressure because of persistent availability of spot supplies from domestic producers.Base oils exports from Yanbu and Jeddah rose instead to less regular outlets such as Tanzania and southeast Asia. There was also a pick-up in supplies to Egypt.Tanzania had taken delivery of a shipment from Saudi Arabia in late 2021. Several more cargoes moved to the country last year. There were signs of a pick-up in the frequency of the shipments in recent months.Another shipment was expected to reach Singapore in early March. Exports to the island-state had slowed in second-half 2022.This latest shipment would coincide with scheduled plant maintenance work in Singapore..Europe’s Nov exports to N Africa slip
Base oils shipments from the Saudi Arabian ports of Yanbu and Jeddah fell to a four-month low in January, at the same time as availability of supplies from Iran tightened.The tighter availability in the Mideast Gulf attracted surplus volumes from Europe and Asia-Pacific instead.The base oils shipments highlighted the ready availability of surplus supplies in those other regions, where slower economic growth compounded a seasonal dip in demand.The Mideast Gulf faced the prospect of additional supplies from Europe moving to the region.Europe’s ban on base oils imports from Russia also triggered rising interest in moving shipments from that market to the Mideast Gulf..Europe's Dec imports from Russia fall.A pick-up in European demand would help to curb flows from the region to the Mideast Gulf.Lower prices and a recovery in supplies from Iran would make less feasible the arbitrage for supplies from Russia or Asia-Pacific.The trends boosted the attraction of moving more supplies within the Mideast Gulf region to other markets instead.The flow of shipments from Saudi Arabia in January extended such a trend.Base oils shipments from Yanbu and Jeddah combined came to less than 45,000t in January, shipping data showed.The volume fell from less than 48,000t the previous month to the lowest since September..Exports to the largest outlets fell.The share of supplies bound for the UAE or India came to less than 50pc of the January total.Base oils prices in India remained under pressure because of persistent availability of spot supplies from domestic producers.Base oils exports from Yanbu and Jeddah rose instead to less regular outlets such as Tanzania and southeast Asia. There was also a pick-up in supplies to Egypt.Tanzania had taken delivery of a shipment from Saudi Arabia in late 2021. Several more cargoes moved to the country last year. There were signs of a pick-up in the frequency of the shipments in recent months.Another shipment was expected to reach Singapore in early March. Exports to the island-state had slowed in second-half 2022.This latest shipment would coincide with scheduled plant maintenance work in Singapore..Europe’s Nov exports to N Africa slip