Sweden’s base oil exports rose in January to a four-month high on a pick-up in shipments to Germany and the UK.Total exports of 25,140t in January rose by 3pc from 24,370t the previous month, EU data showed..The volume also rose from year-earlier levels for a sixth month in seven amid a strong rebound in shipments since the start of last year. That rise in shipments had lifted total exports in 2021 to a four-year high. They had fallen in 2020 to their lowest in more than four years.The recovery in base oil exports has extended into the beginning of this year, when Europe’s economic growth was expected to remain strong, even if at a slightly slower pace than last year. Those economic growth projections have since been adjusted lower.Even with expectations of slower economic growth, Europe is struggling to secure sufficient supplies of base oils to cover its requirements.Some 30pc of the January exports from Sweden moved to north European outlets like Germany, Poland and Finland. The share was similar to average levels in 2021.Belgium was the destination for some 57pc of the supplies. That share was also similar to 2021 levels. Belgium is a major storage, import and export terminal for base oil supplies moving into and out of Europe.There was also an unusual surge in shipments to the UK. Exports of some 1,280t to that market in January were larger than the total volume of shipments from Sweden to UK throughout the whole of 2021.The most recent time that a large shipment like this moved to the UK was at end-2019..Sweden’s 2021 base oil exports rise
Sweden’s base oil exports rose in January to a four-month high on a pick-up in shipments to Germany and the UK.Total exports of 25,140t in January rose by 3pc from 24,370t the previous month, EU data showed..The volume also rose from year-earlier levels for a sixth month in seven amid a strong rebound in shipments since the start of last year. That rise in shipments had lifted total exports in 2021 to a four-year high. They had fallen in 2020 to their lowest in more than four years.The recovery in base oil exports has extended into the beginning of this year, when Europe’s economic growth was expected to remain strong, even if at a slightly slower pace than last year. Those economic growth projections have since been adjusted lower.Even with expectations of slower economic growth, Europe is struggling to secure sufficient supplies of base oils to cover its requirements.Some 30pc of the January exports from Sweden moved to north European outlets like Germany, Poland and Finland. The share was similar to average levels in 2021.Belgium was the destination for some 57pc of the supplies. That share was also similar to 2021 levels. Belgium is a major storage, import and export terminal for base oil supplies moving into and out of Europe.There was also an unusual surge in shipments to the UK. Exports of some 1,280t to that market in January were larger than the total volume of shipments from Sweden to UK throughout the whole of 2021.The most recent time that a large shipment like this moved to the UK was at end-2019..Sweden’s 2021 base oil exports rise
