Weekly base oil exports from Singapore slumped to their lowest in 11 months, while imports surged, according to data complied by the state trade statistics body Enterprise Singapore.
The island is home to two oil companies that refine base stocks – Shell and ExxonMobil. Between them have capacity to produce 1.064 million metric tons per year of API Group I base oil and 1.552 million t/y of Group II.
The week before they crashed by 72%, the lowest since Dec. 2014. This week they fell another 18% to 14,477 tons, making it the lowest volume since March 2024, when shipments were 13,345 tons.
Meanwhile, imports reached 19,759 tons, with India by far the the largest recipient, accounting for more than half of Singapore’s exports at 8,135 tons.
“Demand for foreign products in countries such as India and China, which used to rely more heavily on imports, has declined because of increased production capacity at domestic base oil plants and competitively priced material. This is particularly true in the case of Group I and Group II base oils, which are the grades that Singapore produces,” said Gabriela Wheeler, Lubes’n’Greases’ base oil analyst.