South Korea’s base oils exports to the Mideast Gulf climbed to a thirteen-month high in March after already rising to a one-year high the previous month.Base oils exports to India also rose strongly in March after a slowdown in shipments the previous month.The simultaneous rise in shipments to the two markets in March boosted their share of South Korea’s base oils exports to 37% of the total.The share was up from a 27% share in 2023 and a 24% share in 2022.The rising share of shipments bound for India and especially the Mideast Gulf balanced out a dwindling volume of supplies moving to China.The India and Mideast Gulf markets’ requirements for supplies from Asia could also start to ease over the coming year as new base oils production capacity starts up in India.For now, the two markets provided a valuable outlet for South Korea’s supplies.The shipments from South Korea also provided a valuable source of supplies at a time when flows from markets like Saudi Arabia faced logistical complications.South Korea’s base oils exports of more than 41,000 tonnes to the Mideast Gulf rose from an already-high 35,600 tonnes the previous month, government data showed.Almost all the supplies were bound for the UAE. Shipments to that market had averaged around 14,000 tonnes/month in 2023 and less than 7,000 tonnes/month in 2022.Base oils exports of close to 96,000 tonnes to India in March rose from less than 69,000 tonnes the previous month and from average levels of around 73,000 tonnes/month in 2023.The pick-up in shipments enabled India’s blenders to replenish depleted stocks after a seasonal surge in the country’s lube demand in March..S Korea’s March base oils exports rise
South Korea’s base oils exports to the Mideast Gulf climbed to a thirteen-month high in March after already rising to a one-year high the previous month.Base oils exports to India also rose strongly in March after a slowdown in shipments the previous month.The simultaneous rise in shipments to the two markets in March boosted their share of South Korea’s base oils exports to 37% of the total.The share was up from a 27% share in 2023 and a 24% share in 2022.The rising share of shipments bound for India and especially the Mideast Gulf balanced out a dwindling volume of supplies moving to China.The India and Mideast Gulf markets’ requirements for supplies from Asia could also start to ease over the coming year as new base oils production capacity starts up in India.For now, the two markets provided a valuable outlet for South Korea’s supplies.The shipments from South Korea also provided a valuable source of supplies at a time when flows from markets like Saudi Arabia faced logistical complications.South Korea’s base oils exports of more than 41,000 tonnes to the Mideast Gulf rose from an already-high 35,600 tonnes the previous month, government data showed.Almost all the supplies were bound for the UAE. Shipments to that market had averaged around 14,000 tonnes/month in 2023 and less than 7,000 tonnes/month in 2022.Base oils exports of close to 96,000 tonnes to India in March rose from less than 69,000 tonnes the previous month and from average levels of around 73,000 tonnes/month in 2023.The pick-up in shipments enabled India’s blenders to replenish depleted stocks after a seasonal surge in the country’s lube demand in March..S Korea’s March base oils exports rise
