Dutch 1Q base oil output falls on maintenance

Dutch base oil production fell on the year in the first quarter of 2024 with planned maintenance at ExxonMobil's 900,000 t/yr Rotterdam refinery. Imports rose to offset limited domestic spot supply.

• Base oil production fell to its lowest in five years — output was 53,000t in the first quarter of 2019, according to government data.
• lasted from 12 February to the end of April 2024, cutting an estimated 190,000t of base oils from the market.
• Tighter domestic spot availability led to a rise in imports on the year as buyers looked towards alternative suppliers. Imports from Germany rose in the first quarter by 59pc to 25,000t, on the quarter.
• Competitive base oil prices further supported a rise in imports. Average Argus-assessed spot prices for the Group II N150 and N600 grade slipped in the first quarter of 2024 by 10pc and 7.5pc on the year to €1,207/t and €1,072/t, respectively.
• Domestic demand edged down, probably owing to a rise in Dutch electric vehicle (EV) sales of 19.7pc on the year to 30,055 units. Petrol and diesel car sales fell by 25.9pc and 16.6pc to 26,421 and 942 units, respectively, on the year, data from the European Automobile Manufacturers' Association show.

By Christian Hotten