The UK’s base oils imports rose to a five-month high in January, contrasting with a fall in the country’s production and exports of the lubricant feedstock.The UK’s imports as a share of its total supply rose in response to the highest in nine months.The trend mirrored a similar pattern in other markets like Turkey, where domestic production capacity consisted of Group I base oils.The supply was incompatible with growing consumption of premium-grade base oils to meet increasingly stringent lubricant specifications.Blenders turned to overseas markets instead for supplies to cover their premium-grade requirements.Increasingly plentiful availability of premium-grade base oils in Europe early this year, and more competitive prices for the supplies, added to their attraction.Plentiful availability of premium-grade base oils in turn increased the importance for suppliers to boost demand and market share in outlets like the UK. The subsequent trend away from Group I base oils cushioned the impact in the EU of the loss of Group I base oils of Russian origin since the beginning of February..Europe's Jan imports from Russia rise.It also increased the importance of markets like West Africa as an outlet for Group I base oils from producers like the UK.Weaker-than-usual lube demand in Europe compounded the drop in requirements for Group I supplies.The UK’s base oils imports of 33,790t in January rose from 21,340t the previous month to the highest since last July, government data showed..Their 66pc share of the UK’s total base oils supply was up from 58pc last year and a 50pc share in 2021.Shipments from Belgium and the Netherlands combined accounted for more than 60pc of the UK's total imports in January.The share was up from more typical levels of around 55pc of total imports last year and little more than 50pc in 2021.Both Belgium and the Netherlands are key sources of premium-grade base oils in the European market..UK’s January base oils/lube output falls
The UK’s base oils imports rose to a five-month high in January, contrasting with a fall in the country’s production and exports of the lubricant feedstock.The UK’s imports as a share of its total supply rose in response to the highest in nine months.The trend mirrored a similar pattern in other markets like Turkey, where domestic production capacity consisted of Group I base oils.The supply was incompatible with growing consumption of premium-grade base oils to meet increasingly stringent lubricant specifications.Blenders turned to overseas markets instead for supplies to cover their premium-grade requirements.Increasingly plentiful availability of premium-grade base oils in Europe early this year, and more competitive prices for the supplies, added to their attraction.Plentiful availability of premium-grade base oils in turn increased the importance for suppliers to boost demand and market share in outlets like the UK. The subsequent trend away from Group I base oils cushioned the impact in the EU of the loss of Group I base oils of Russian origin since the beginning of February..Europe's Jan imports from Russia rise.It also increased the importance of markets like West Africa as an outlet for Group I base oils from producers like the UK.Weaker-than-usual lube demand in Europe compounded the drop in requirements for Group I supplies.The UK’s base oils imports of 33,790t in January rose from 21,340t the previous month to the highest since last July, government data showed..Their 66pc share of the UK’s total base oils supply was up from 58pc last year and a 50pc share in 2021.Shipments from Belgium and the Netherlands combined accounted for more than 60pc of the UK's total imports in January.The share was up from more typical levels of around 55pc of total imports last year and little more than 50pc in 2021.Both Belgium and the Netherlands are key sources of premium-grade base oils in the European market..UK’s January base oils/lube output falls
