Recent data from the U.S. Energy Information Administration revealed a 10% decline in base oil exports from the United States, amounting to 2.3 million barrels. This drop can be attributed to reduced exports to Mexico, Brazil, Canada, and India. On the other hand, base oil imports to the U.S.
witnessed a 10% increase in February. Among the major importers of U.S. base oils during that period were Mexico, Brazil, Canada, and Belgium. However, only Belgium received a higher volume compared to February 2022. Notably, exports to Mexico experienced a 7% decrease, Brazil’s take fell by 38%, Canada’s declined by 16%, and India witnessed a significant plummet of 62% in base oil imports from the United States.
In February, there was a significant increase in base oil shipments to Belgium, with the volume jumping by 31% to reach 143,000 barrels. The United States also witnessed a rise in base oil imports, reaching 1.4 million barrels compared to 1.3 million barrels in the same month last year.
Notably, Canada and Indonesia showed an increase in their base oil exports to the U.S., while Qatar, which had not exported any base oil in the same month last year, shipped a substantial volume. These positive trends helped offset the notable declines in imports from South Korea and Bahrain.
Canada saw a significant rise of 19% in shipments to the U.S., reaching 308,000 barrels, while Indonesia experienced a 6% increase with 154,000 barrels shipped. Qatar stood out with 346,000 barrels of base oil exported to the U.S. On the other hand, South Korea and Bahrain faced the largest year-on-year decreases in base oil exports to the U.S., with imports from South Korea dropping by 25% to 353,000 barrels, and the volume from Bahrain declining by 28% to 139,000 barrels.