Spain’s base oil sales up last year, exports down
Spanish base oil demand edged up last year, supported by increased new car sales and competitive prices, while exports fell marginally as refinery maintenance curbed domestic output.
- Spanish base oil sales rose by 3pc to over 423,000t in 2023, according to data from state-owned strategic reserve Cores.
- A rise in new vehicle registrations in Spain supported demand for finished lubricants. Gasoline-fuelled vehicle registrations increased by 14pc last year to 387,750 units, data from the European Automobile Manufacturers Association show.
- Competitive spot prices supported demand. The average Argus-assessed SN 150 domestic price fell by 24pc on the year to $1022/t in 2023.
- Exports edged down to below 1.46mn t in 2023, according to GTT data, despite hitting a three-year high of 793,200t in the second half of the year. Refinery maintenance in the first half of the year curbed output.
- Exports fell to an eight-year low in the second quarter of 2023 to 249,920t, driven by a 40-day maintenance programme at the country's 630,000 t/yr Group II and III Ilboc refinery..
- Maintenance at Cepsa's 250,000 t/yr San Roque base oil refinery until mid-June also weighed on export availability.
- Spanish base oil exports to India, France and the Netherlands dropped by a respective 16pc, 12pc and 10pc last year, offsetting a 65pc rise in exports to Egypt, which totalled 30,200t.
| Spanish base oils | t | ||
| 2023 | 2022 | ±% | |
| Demand | 423,407 | 409,413 | 3.4 |
| Exports | 1,459,699 | 1,467,584 | -0.5 |
| Cores ,GTT | |||
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