The UK’s base oils supply stayed unusually low in November because of a halt in domestic output for the first time in four years.A surge in imports and slump in exports cushioned the drop in supply.The pause in output coincided with a sharp fall in Group I base oils production in Italy in November.The drop in supply in UK and Italy raised the prospect of limiting the size of a build-up of surplus supplies in Europe at year-end, when demand faced a seasonal slowdown.Europe’s base oils exports to markets outside the region already fell in November to a six-month low.The drop in shipments coincided with unworkable arbitrage opportunities to many key outlets.Lower base oils output in markets like UK and Italy suggested that a drop in surplus supply was another factor impacting the volume of shipments for export.The UK produced no base oils in November, government data showed.The pause followed a slump in output to close to 2,000t the previous month.The country’s output was typically around 24,000 t/month over the previous twelve months.The drop in output tightened availability of supply for the domestic market.The UK’s base oils imports surged to a six-month high in November, helping to ease any tightness.The drop in output also cut base oils supplies available for export.These fell to a nearly-four-year-low of less than 9,000t in November.The fall in exports included a slump in shipments to Africa to the lowest since 2019..Global exports to Egypt fall in November .Global base oils exports to Nigeria fall in November
The UK’s base oils supply stayed unusually low in November because of a halt in domestic output for the first time in four years.A surge in imports and slump in exports cushioned the drop in supply.The pause in output coincided with a sharp fall in Group I base oils production in Italy in November.The drop in supply in UK and Italy raised the prospect of limiting the size of a build-up of surplus supplies in Europe at year-end, when demand faced a seasonal slowdown.Europe’s base oils exports to markets outside the region already fell in November to a six-month low.The drop in shipments coincided with unworkable arbitrage opportunities to many key outlets.Lower base oils output in markets like UK and Italy suggested that a drop in surplus supply was another factor impacting the volume of shipments for export.The UK produced no base oils in November, government data showed.The pause followed a slump in output to close to 2,000t the previous month.The country’s output was typically around 24,000 t/month over the previous twelve months.The drop in output tightened availability of supply for the domestic market.The UK’s base oils imports surged to a six-month high in November, helping to ease any tightness.The drop in output also cut base oils supplies available for export.These fell to a nearly-four-year-low of less than 9,000t in November.The fall in exports included a slump in shipments to Africa to the lowest since 2019..Global exports to Egypt fall in November .Global base oils exports to Nigeria fall in November
