Base oil production in the United States dropped 9 percent in 2019, according to recently released data, as refiners perhaps let some air out of an over-supplied market. Exports – including those to most of the Americas – decreased, and imports swelled as domestic usage remained relatively flat.
Overall U.S. production sank to 60.9 million barrels from 67.3 million in 2018, according to figures released recently by the Energy Information Administration. Paraffinic slumped 12 percent year-over-year, from 57.3 million barrels in 2018 to 50.7 last year, figures show. The bright spot was a respectable 3 percent boost in naphthenic production to 10.3 million last year from 10 million the year before.