Singapore Base Oil Exports Drop Again

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Weekly base oil exports from Singapore slumped to their lowest in 11 months, while imports surged, according to data complied by the state trade statistics body Enterprise Singapore.

The island is home to two oil companies that refine base stocks – Shell and ExxonMobil. Between them have capacity to produce more than 1 million metric tons per year of API Group I base oil and 1.5 million t/y of Group II.

The week before, exports crashed by 72%, week on week, the biggest drop since December of 2014. This week they fell another 18% to 14,477 tons, the lowest volume since March 2024, when shipments were 13,345 tons.

India by far the the largest recipient, accounting for more than half of Singapore’s exports at 8,135 tons.

“Demand for foreign products in countries such as India and China, which used to rely more heavily on imports, has declined because of increased production capacity at domestic base oil plants and competitively priced material,” said Gabriela Wheeler, Lubes’n’Greases’ base oil market analyst. “This is particularly true in the case of Group I and Group II base oils, which are the grades that Singapore produces.”

Meanwhile, base oil imports reached 19,759 tons.

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