Turkey’s March Group I imports rise

Turkey’s Group I base oils imports rose in March to their highest in almost eight years as buyers locked in a wave of surplus shipments from Europe.

Base oils imports of 42,000t in March rose from 31,390t the previous month, government data showed.

The volume rose from typical levels of around 25,000 t/month over the past year to the highest since mid-2015.

Imports rose even amid muted domestic lube demand.

Buyers were instead attracted by unusually competitive prices as European refiners continued to clear a wave of surplus volumes from their region.