Spain’s December base oil exports rise

Spain’s base oil exports surged in December to a 17-month high on the back of a rebound in shipments to Netherlands and France.

Total base oil exports of 163,320t in December jumped from 104,300t the previous month to the highest since July 2020, EU data showed.

Shipments of 354,110t in the last three months of 2021 also rose to their highest since the third quarter of 2020.

The slowdown in shipments in the intervening months cut Spain’s total exports to 1.17mn t in 2021. The volume was down more than 25pc from 1.61mn t the previous year and the lowest since 2016.

The fall in shipments coincided with a combination of unscheduled refinery run-cuts and planned plant maintenance work during the year.

The fall in shipments was also much steeper during the first half of last year, when supply in Europe was unusually tight and demand strong.

The tight market fundamentals triggered a surge in regional prices for all base oil grades. Group I prices eased in the second half of the year, while Group II and Group III prices remained firm.