<article><p class="lead">South Korea's base oil exports to northwest Europe rose in May to a 20-month high, while shipments to the US fell. </p><p>Exports to Belgium and the Netherlands combined rose to 30,750t in May, up slightly from 30,690t the previous month. </p><p>Prior to April, the last time that exports to these countries exceeded 30,000t was in November 2019. Exports have typically been around 16,000 t/month since the start of that year. </p><p>The April- and May-loading shipments were to reach northwest Europe at a time when the region was having a heavy round of Group III plant maintenance. Some of the supplies were shipped to Europe to cover for some of this maintenance. </p><p>A plant in Finland began maintenance in early April. Another plant in Spain began its work in early June. The plant in Spain typically moves large volumes of Group III base oils to the Netherlands each month. </p><p>The rise in shipments to Europe curbed supplies for other regions. </p><p>Base oil exports to the US fell back to 35,220t in May, down from a 15-month high of more than 75,000t the previous month. The slowdown extended a protracted fall in Group III base oil shipments from South Korea to the US over the past year. </p><p>Exports of 220,640t to the US during January-May this year were up by 12pc from 197,810t during the same period last year. But they were down by 25pc from 294,830t during the same period in 2019. </p><p>The fall in supplies contrasted with a strong rebound in Group III base oil demand in the Americas markets. Prices have surged in response. </p><p class="bylines">By Iain Pocock</p></article>
