South Korea’s base oil exports dip in November

Spanish Market: Oil products
31/12/24

South Korea's base oil exports fell in November on seasonally low demand, but remained above the five-year monthly average of 362,500t, GTT data show.

Exports fell in November as regional buyers remained largely cautious. Volatility in feedstock values, fluctuations in exchange rates, freight costs and geopolitical developments added to uncertainty over the typical slowdown in seasonal demand.
Demand from the US for premium-grade base oils also weakened as spot supplies were plentiful. This was because of heightened production from US domestic producers and inventory destocking efforts ahead of the year-end tax assessment period.
The Argus-assessed Asian fob export prices for Group II N150 fell to $730/t in November from $736/t in October, while N500 edged down to $935/t from $938/t over the same period.
A slowdown in South Korean offers helped counter a larger price drop from weaker demand, with supplies particularly limited for heavy neutrals.
A major South Korean refiner has curtailed spot offers as it is building inventory for scheduled maintenance in March 2025.

By Tara Tang

South Korea's base oil exports					t
	Nov-24	m-o-m ± %	y-o-y ± %	Jan-Nov 24	y-o-y ± %

India	87,963.1	-10.0	-5.5	968,317.8	22.7
US	69,091.9	-22.3	219.1	557,285.0	-3.8
China	34,197.2	-27.9	-30.5	449,782.4	-28.5
Singapore	23,447.9	39.5	202.1	234,722.4	9.3
Total	382,925.8	-3.9	23.1	3,880,903.9	1.9
Source: GTT
Total includes all countries, not just those listed

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