SE Asia base oils imports fall in April

Base oils shipments to some of southeast Asia’s largest economies fell in April to their third-lowest level in almost two years amid signs of a dip in demand that was deeper than a seasonal slowdown.

Base oils shipments to Indonesia, Vietnam, Thailand and the Philippines combined fell to less than 92,500t in April, government and customs data showed.

Imports fell from more than 101,000t in March to the third lowest since June 2021. The lowest since then had been in December 2022 and January this year.

Imports also fell in April for the seventh time in eight months from year-earlier levels.

The drop in base oils requirements mirrored a sustained slowdown in the region’s lubricating oil demand.