Taiwan’s March base oil exports fall

Taiwan’s base oil exports edged down in March even amid firm demand in markets like southeast Asia.

Exports of 40,130t in March fell from 47,470t the previous month, government data showed.

The volume held above the 40,000t level for the fourth month in five.

The firm flows helped to lift base oil exports to 124,230t in the first three months of the year. That was the highest since second-quarter 2021.

Taiwan’s sustained flow of shipments at higher levels followed their extended slump throughout last summer. Exports fell to less than 20,000t in the three months to September because of protracted maintenance work during that time.

This year’s firmer export volumes have helped to partially counter the slowdown in shipments from South Korea in recent months. Lower-than-usual demand from China has also freed up more supplies to move to markets like southeast Asia.

The drop in volumes in March coincided with signs of some refinery production issues. Surging diesel prices also incentivized a switch to producing more of the motor fuel instead of base oils.