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Spain’s base oil sales up last year, exports down

  • : Oil products
  • 24/05/03

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 oilst

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