Over the past 20 years, U.S. base oil exports have been on a generally upward trajectory, except for a dip around the global pandemic of 2020-21.
Export volumes climbed by about 11% from 2023, as the market continues its post-COVID recovery and Russia’s exclusion from allied markets since 2022 have taken an effect.
Belgium, India and Nigeria took less product last year, by 23%, 34% and 28%, respectively. Ecuador, Mexico and Singapore are gobbling up the difference, with increases of 33%, 32% and an eye-popping 290%, respectively.
Imports are an inverse story to exports. Saudi Arabia and Argentina have jumped up as import sources. The U.S. tapped Aramco for 135,000 barrel last year, up 280% on 2023. Argentina’s YPF sent 138% more base oil north to America.
The Netherlands sent 80% less base oil and Indonesia 40% less than the year before.