Turkey’s Group I base oils imports held steady in November, supported by an ongoing surge in low-priced shipments from Russia.Demand for overseas supplies got a further boost this year from a drop in domestic base oils production. The trend forced buyers to make up the shortfall through imported volumes.A continuation of the trend would likely sustain firm demand for shipments of Russian origin. It would also cut demand for Group I supplies from Europe.Turkey’s slowdown in imports from Europe this year already forced the redirection of cargoes from markets like Greece and Italy to other outlets like northwest Europe and west Africa.Turkey’s imports of 20,520t in November edged down from almost 21,000t the previous month, government data showed..Imports held close to that level every month since August.The volume was down from average levels of closer to 26,000 t/month in the first seven months of the year.Even with the slowdown, imports of 261,770t in the first eleven months of the year were up 6pc from 247,750t during the same period a year earlier.The rise in supplies helped to partially cushion a 37pc slump in Turkey’s domestic base oils production in the first ten months of the year.Base oils imports rose even as shipments from Mediterranean suppliers like Greece and Italy fell by almost 20pc in the first eleven months of the year.A surge in supplies from Russia more than made up the difference.Imports of more than 11,000t from the country in November were the second highest in more than six years. The highest volume had been in October.Turkey provided a welcome outlet for Russian producers in the face of a slump in demand from Europe..The cargoes’ steep discount to supplies of European origin added to their attraction.The average price of supplies from Russia was around $1,060/t. The price was at a steep discount to average levels of more than $1,650/t for supplies from Italy..Europe's Oct imports from Russia fall.Base Oil News stories and analysis also available on ICIS platform
