Automakers and representatives of the lubricants industry have taken the first formal step toward developing the next gasoline engine oil specification for North America, setting a goal of bringing the standard to market in less than six years. The American Petroleum Institute’s Lubricants Standards Group and the Auto/Oil Advisory Panel agreed Tuesday to begin evaluating an auto industry request to begin developing the spec.

Base oil exports from the United States declined 9% in May, while base oil imports into the country fell 20%, although the import volume was the highest for a month since late last year. Exports to Mexico accounted for the highest export volume but dropped more than 40%.

Vertex Energy Inc. reported a 178% increase in gross profit and increased sales for its used motor oil collection and processing business, and Perimeter Solutions SA’s specialty products segment posted a 49% jump in profits and higher net sales for the second quarter.