Sweden’s base oil exports fell in February to a four-month low amid a slowdown in shipments to several key markets in northern Europe.Total exports of 17,580t in February fell by 30pc from 25,140t the previous month, EU data showed. The volume fell on a year-on-year basis for the first time in four months, dipping by 13pc..The country’s exports rebounded in 2021 after falling in each of the previous four years. The pick-up in supplies last year coincided with a period of unusually tight availability in the European market because of plant closures, refinery run-cuts and widespread shutdowns.The European market again faces a period of increasingly tight supply because of scheduled plant maintenance work and a slump in base oil shipments from Russia. Regional base oil prices have surged in response to the tight availability.Sweden has avoided adding to that tightness.The country’s export volumes so far this year have risen slightly from 2021 levels. Shipments of 42,710t in the first two months of the year were up from 40,480t during the same period last year.Belgium remained the largest destination for the country’s shipments. The northwest European country is a major storage and import and export terminal for base oil supplies moving into and out of the region.At the same time, a larger share of shipments from Sweden has moved to Germany compared with last year..Sweden’s January base oil exports rise
