Spanish base oil exports fell to their lowest since 2015, probably because domestic production dropped as a result of refinery maintenance in the second quarter.
Spain's exports of base oils dropped by 23pc on the year to 249,920t, or by 26pc compared with the five-year average for the second quarter, government data shows.
Shipments to the Netherlands in April-June decreased by 52pc on the year to a 10-year low of 43,495t. Overall imports of base oils into the Netherlands in the second quarter also decreased by 30pc to 280,345t compared with the year prior.
The fall in Spanish exports was probably the result of a 40-day maintenance in May at the country's Group II, Group III 630,000t/yr Ilboc refinery. The refinery is jointly owned by South Korean firm SK Enmove and Spanish integrated firm Repsol.
Dropping export prices throughout the second quarter would also not incentivise greater refinery output. Argus-assessed Group I SN 150 prices for the export market fell by 36.5pc to average $945.77/t in the second quarter, compared with the same period the previous year.
Domestic demand for the second quarter fell slightly compared with year ago levels by 7.6pc to 107,300t.

