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.
wpDataChart with provided ID not found!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.
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