Asia’s February base oils exports rise

Base oils exports from Asia-Pacific rose to a fifteen-month high in February amid a surge in shipments from northeast Asia.

The rise in volumes coincided with firm regional base oils prices that ignored the fall in outright crude and diesel prices in February and early March.

The firm prices suggested regional demand was sufficient to absorb most of the supplies.

The rise in volumes gave buyers throughout the Asia-Pacific region the opportunity to replenish their stocks.

Base oils exports of more than 770,000t in February rose from close to 680,000t in January, government data showed.

Exports extended a rebound from a 30-month low of less than 575,000t in December.

Shipments rose mostly because of a surge in exports from northeast Asia to the highest since early 2019.