Turkey’s Feb Grp I base oil imports fall

Turkey’s Group I base oil imports fell in February to a four-month low, curbing further the country’s domestic supply.

Base oil imports of 23,760t in February fell by 10pc from 26,430t the previous month to their lowest since last October, government data showed.

Demand for overseas supplies typically slows at the start of the year as buyers renew licenses to import cargoes.

Turkey’s weak currency versus the US dollar, and its extreme volatility at end-2021, dampened further the attraction of imports.

The prospect of slower economic growth this year is also set to impact lubricant demand. Turkey’s automobile sales have fallen every month since last July.

Even so, lubricant buyers had limited alternative options to secure supplies because of the shutdown of Turkey’s sole base oil unit.

Base oil imports from Greece fell in February to a six-month low of 8,420t.

Shipments from Russia held relatively firm at 5,160t. The volume was the second-highest in 10 months.

Those shipments now faced the prospect of disruption amid a drop in base oil exports from Russia.