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%.
According to the U.S. Energy Information Administration, U.S. base oil exports reached 3.7 million barrels in May, compared to 3.4 million barrels a year earlier and 108% higher than in May 2020. Sequentially, May’s volume was up 29% from April. The May total matched March’s volume, and those were the highest monthly totals since 3.7 million barrels in August 2021. The year-to-date export volume through May was up 3% at 15.5 million barrels, compared to the same period last year.
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