Pakistan’s base oils supply rose to a six-month high in October as a rebound in imports countered a slump in domestic production.Total supply, or domestic output and imports combined, came to almost 30,000 kilolitres (26,000t) in October, industry and customs data showed.The volume rose from less than 26,500kl the previous month but was still down 18pc from year-earlier levels.The drop in supplies cut total volumes to close to 135,000kl in the five months to October, down 18pc from almost 165,000kl during the same period a year earlier.The fall in supplies coincided with a sustained recover in Pakistan’s lube consumption since July.The fall in supply and rise in demand raised the prospect of tightening availability and a revival in base oils requirements.Any revival in requirements is more likely to tap overseas markets rather than Pakistan’s domestic refiners.The country’s output of less than 5,000kl in October was the lowest in more than three years.The slowdown contrasted with a rise in Pakistan’s base oils imports to a five-month high of close to 25,000kl in October.South Korea is likely to be the key beneficiary of any sustained recovery in the country’s base oils requirements.Its share of Pakistan’s base oils imports surged in 2023, while the share of supplies from Singapore slumped..Pakistan Oct lube demand extends rise
Pakistan’s base oils supply rose to a six-month high in October as a rebound in imports countered a slump in domestic production.Total supply, or domestic output and imports combined, came to almost 30,000 kilolitres (26,000t) in October, industry and customs data showed.The volume rose from less than 26,500kl the previous month but was still down 18pc from year-earlier levels.The drop in supplies cut total volumes to close to 135,000kl in the five months to October, down 18pc from almost 165,000kl during the same period a year earlier.The fall in supplies coincided with a sustained recover in Pakistan’s lube consumption since July.The fall in supply and rise in demand raised the prospect of tightening availability and a revival in base oils requirements.Any revival in requirements is more likely to tap overseas markets rather than Pakistan’s domestic refiners.The country’s output of less than 5,000kl in October was the lowest in more than three years.The slowdown contrasted with a rise in Pakistan’s base oils imports to a five-month high of close to 25,000kl in October.South Korea is likely to be the key beneficiary of any sustained recovery in the country’s base oils requirements.Its share of Pakistan’s base oils imports surged in 2023, while the share of supplies from Singapore slumped..Pakistan Oct lube demand extends rise