The U.S. base oil market was hurt by deteriorating finished lubricant demand in 2023, while strong demand for exports helped soak up a large inventory overhang from 2022, a journalist and analyst said Nov. 30 during a presentation at the ICIS Pan American Base Oils and Lubricants Conference in Jersey City, New Jersey.

Base oil exports from the United States surged 56% in September, boosted by increased shipments to Mexico and South America, while the volume of base oil imported from foreign markets declined by 22%, according to data released by a U.S. government agency.

Will PTFE be banned in the coming years, and how might increasing regulation affect lubricant formulations? What did North American lubricant demand look like last year? How are new tests, tools and regulations driving oil analysis into a new era? Check out the December issue to learn the answers to these questions and more.

Colombian oil and gas company Terpel reported increases in gross profit for its lubricants segment in Colombia and Peru – its two primary geographical markets – citing factors such as recovery in lubricant pricing margins and stabilization of costs.