Turkey's May Group I imports hold firm

Turkey’s Group I base oil imports held firm in May even amid a slowdown in supplies from Europe.

Imports rose instead from other less regular sources. Israel’s base oil imports showed a similar trend.

The availability of shipments from less regular sources suggested supply remained sufficient even with the drop of surplus volumes from Europe.

Turkey’s Group I base oil imports of 26,440t in May edged up from 25,600t in April and by 20pc from year-earlier levels, government data showed.

Imports of 131,920t in the first five months of the year rose by 6pc from 124,900t during the same period last year.

Imports rose in May even as regional base oil prices surged and as shipments from southern Europe fell to a seven-month low of less than 16,000t.

The volume was down from 21,000t the previous month.

The slowdown reflected a drop in supplies from Spain and Italy. Plant maintenance was taking place in both markets in the month of May.

Higher base oil prices attracted supplies from other sources instead, including a 2,000t cargo from India. The shipment was the first from that market in more than five years.

The imports in May also included some 3,700t from several sources in the Mideast Gulf. The volume was the highest in at least six years.