Spain’s May Cartagena premium-grade exports fall

Exports of premium-grade base oils from the Spanish port of Cartagena fell to a twenty-three-month low in May as plant maintenance work trimmed supply.

Base oils exports of less than 35,000t in May were down from 50,000t the previous month, port data showed.

Exports had held higher than usual at more than 50,000t in each of the first four months of the year, up from average levels of less than 45,000 t/month in 2022.

The rise in shipments boosted regional stocks ahead of scheduled plant maintenance in Spain that began in May, triggering a subsequent fall in exports.

Even with the drop in May volumes, total exports of more than 265,000t in the first five months of the year were up 23pc from less than 220,000t during the same period last year.