Brazil Base Oil Imports Jumped in July

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Brazil Base Oil Imports Jumped in July

Brazil’s base oil production was up 13% and its base oil import volumes were up by more than 150% in July, compared to the same month last year. Production neared and import volumes exceeded numbers from July 2019.

The South American country’s base oil production reached 60,000 metric tons in July, topping the 53,000 tons mark set in July 2020, while down 10% from 67,000 tons in the same month in 2019, according to data released by the National Agency of Petroleum, Natural Gas and Biofuels.

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July marked the fifth consecutive month that Brazil’s base oil production was higher year on year, with monthly increases ranging from 7% to 121% from March through June, peaking at 121% higher in May.

In July, Brazil imported 92,000 tons of base oil, up 156% from 36,000 tons in the same period in 2020 and up 67% from 55,000 tons in July 2019. This past July marked the first month since March – a 200% year on year increase – that the country’s base oil import volumes topped results from a year earlier. From April through June, imports were slightly below year-earlier numbers.

Before the COVID-19 pandemic struck, Brazil’s volumes of imported base oil were similar to the amount it produced, but imports rose as domestic output dropped during 2020.

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Base Stocks    Brazil    Market Sectors    Region    South America