<article><p class="lead">Turkey's base oil imports edged up in February as a jump in shipments of Group I base oils countered a sharp slowdown in supplies of premium grades. </p><p>Total imports of 38,800t in February rose from 36,340t the previous month, government data showed. But the volume was down from more than 43,000t during each of the last two months of 2020. </p><p>Shipments typically recover in February after slowing in January, when importers renew import permits for the new calendar year. The two-month shutdown of Turkey's sole Group I base oil unit from early January added to the pick-up in demand for supplies for delivery in February. </p><p>The rise in demand typically helps to absorb surplus supply in Europe and Russia from the end of the previous year. This time it exacerbated the supply tightness in both of these markets. </p><p>Availability was unusually limited because of plant maintenance, run cuts and a lack of surplus supply in Europe at the end of the previous year. Strong demand in overseas markets like Africa, Latin America and Asia-Pacific added to the tightness. </p><p>Turkey's strong demand compounded competition for surplus supplies. The country's Group I base oil imports rose in February to a five-month high of 26,710t. Supplies from Italy accounted for more than half the volume. </p><p>The rise in supplies helped to counter a fall in imports of premium-grade base oils in February to a nine-month low of 12,090t. </p><p>The slowdown reflected a slump in shipments from the Netherlands to their lowest since last June. </p><p>There were no imports from Saudi Arabia for a second month. Plant maintenance work in that country impacted output in January-February. There were also no supplies from Qatar for the first time in 13 months. </p><p class="bylines">By Iain Pocock</p></article>
