U.S. Base Oil Exports Flat, Imports Down

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Base oil exports from the United States were flat in June, while base oil imports into the country declined 9%, according to U.S. government agency data released on Monday.

The U.S. Energy Information Administration reported that U.S. base oil exports reached 3.3 million barrels in June, virtually unchanged from the same month last year and 18% more than in June 2020. Sequentially, June’s volume was down 10% from May. The June export volume was the third time the monthly volume exceeded 3.2 million barrels, along with March and May.

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Exports to Mexico fell 42% to 731,000 barrels in June, compared to 1.3 million barrels, but sequentially June’s volume was up 8% from 675,000 barrels in May.

Base oil exports to Canada were up 7% at 296,000 barrels in June, which was also 13% higher sequentially than 262,000 barrels in May.

The base oil volume exported to Belgium dropped 51% to 245,000 barrels in June, which was also a 59% decline sequentially from 597,000 barrels in May. That was the second lowest export volume to the country since 109,000 barrels in February.

The base oil volume exported to the Netherlands jumped 1,500% to 64,000 barrels, compared to only 4,000 barrels. That was the second straight month that the volume exported was more than 1,000 higher year-on-year.

U.S. base oil exports to Brazil decreased 8% to 319,000 barrels in June, though it was up sequentially by 7% from 298,000 barrels in May. Elsewhere in South America, exports skyrocketed 1,310% to 931,000 barrels in Colombia and increased 25% in Chile to 95,000 barrels.

The U.S. imported 1.4 million barrels of base oil in June, down from the same month last year but 326% greater than the 327,000 barrels imported in June 2020. Sequentially, June’s base oil imports were down 8% from May.

Through the first six months of this year, base oil imports declined 5% to 8.2 million barrels, but were up 21% from 6.8 million barrels in the same period in 2020.

Base oil imports from South Korea increased 24% to 289,000 barrels in June, compared to 234,000 barrels.

The volume of base oil imported from Quatar edged down 1% to 361,000 barrels, and imports originating from Canada fell 22% to 304,000 barrels, compared to 392,000 barrels. Imports from Indonesia declined 12% to 52,000 barrels.

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