Asia’s July base oils exports fall

Asia’s base oils exports fell in July to their lowest since first-half 2020, when pandemic-related restrictions disrupted typical trade flows.

Exports fell this time despite the lack of any such restrictions.

Total base oils exports of less than 526,000t in July fell from an already-low 614,000t the previous month, government data showed.

Exports fell by 27pc and for a fourth month from year-earlier levels.

The slowdown cut total shipments to 4.66mn t in the first seven months of the year.

The volume fell from 4.85mn t during the same period last year to the lowest for that seven-month period since 2016.

The slowdown in July mostly reflected a slump in shipments from northeast Asia to less than 350,000t.

The volume was down from typical levels of around 480,000 t/month over the past year and the lowest since May 2020.

The fall in exports coincided with a seasonal slowdown in lube demand in the Asia-Pacific region.