Indonesia March base oil imports surge

Indonesia’s base oil imports rose in March to close to their highest in more than three years, reflecting persistently strong buying interest in the southeast Asia region.

Base oil imports of 53,380t in March rose by more than half from 33,590t the previous month to the highest since last September, government data showed.

Imports were also up 77pc from year-earlier levels.

The rise in shipments boosted Indonesia’s base oil imports to 127,370t in the first three months of the year.

The volume was up almost 40pc from 91,650t during the same period last year and the second-highest quarterly volume in the past three years. The highest was during the fourth quarter of last year.

Imports have held higher than usual since the second half of last year. The pick-up in shipments has coincided with rising economic and industrial growth as Covid-19 lockdown restrictions were eased.

The stronger demand has mirrored other countries in southeast Asia and absorbed more supplies from regional producers.

The trend has helped to counter the impact of the slowdown in buying interest from China and limited the volume of surplus supplies in the region.