The UK’s base oils exports fell in July to the lowest in more than three years amid a slump in shipments to Africa.
Total exports of 11,600t in July fell from close to 54,000t the previous month, government data showed.
The June volume was the highest since early-2019. The July volume was the lowest since end-2019.
The rise in exports in June cleared a growing supply surplus in the UK and covered firm buying interest in West Africa and South Africa.
The fall in exports in July coincided with a likely seasonal slowdown in the UK’s domestic lube consumption and raised the prospect of a pick-up in surplus supplies.
It also slashed flows to buyers in West Africa and South Africa.
Total exports of around 4,300t to African markets in July fell from close to 37,000t the previous month.