Indonesia’s Grp I base oil exports rise

Indonesia’s Group I base oil exports rose in March to a one-year high amid a pick-up in cargo and flexibag shipments.

Base oil exports of 11,890t in March rose from less than 4,800t in February to a 12-month high, government data showed.

But the volumes remained low relative to year-earlier levels.

Exports of 22,880t in the first three months of the year were down 37pc from more than 36,000t during the same period last year.

Unusually high export volumes at that time coincided with lower supplies from Singapore because of a prolonged plant shutdown. Prices were also unusually high because of the tight supply.

The fall in Indonesia’s base oil exports in second-half 2021 coincided with a sharp drop in regional Group I base oil prices.

The pick-up in exports in March coincided with a recovery in regional prices, especially of SN 500 and bright stock. It also followed a sharp drop in base oils output from Thailand the previous month.