Turkey’s Group I base oils imports from Europe rose to a 30-month high in March as buyers locked in supplies at competitive prices.Base oils imports of more than 28,000t in March from European sources like Greece and Italy rose from typical levels of less than 15,000 t/month over the past year.Imports rebounded in February and March in response to increasingly competitive prices.The average delivered price of base oils supplies from Greece moved to a discount to shipments from Russia in February and in March.The discount for Greek supplies contrasted with a premium of more than $400/t to prices for Russian cargoes at the end of last year.Rising imports from Europe cut buyers’ demand for Russian supplies. Their share of Turkey’s imports fell to less than 23pc of the March total.The share fell from more 45pc in the fourth quarter of last year to the lowest in ten months..Turkey’s March Group I imports rise
