U.S. Base Oil Imports, Exports Both Jump

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U.S. Base Oil Imports, Exports Both Jump
Plastic IBC Tanks stacked on each other inside a warehouse. © ABUN5M

Base oil export volumes from the United States were 26% higher in July, and base oil imports into the U.S. jumped by more than 140%, compared to the same month last year, according to U.S. government agency data.

The U.S. Energy Information Administration reported that U.S. base oil exports reached a record 3.9 million barrels in July, compared to 3.1 million barrels in the same month last year. This was the third month this year that exports topped 3.6 million barrels, along with March and May. The July volume was also 21% higher than 3.2 million barrels in July 2020. Sequentially, the volume was 17% more than 3.3 million barrels in June.

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Exports to Mexico fell 37% to 652,000 barrels, and exports to Canada declined 18% to 320,000 barrels

The volume of base oil exports to Belgium edged down 2% to 553,000 barrels in July.

Base oil export volumes to Brazil decreased 11% to 357,000 barrels in July. Elsewhere in South America, base oil exports to Colombia jumped 808% to 926,000 barrels, and exports to Chile rose 15% to 97,000 barrels.

The U.S. imported 1.7 million barrels of base oil in July – the highest volume since 2.4 million barrels in August 2021 – a 145% jump from 702,000 barrels. It was also 130% higher than 747,000 barrels in July 2020. Sequentially, July’s imports were up 24% from 1.4 million barrels in June.

Imports of base oil from Qatar totaled 413,000 barrels in July, after none were recorded in the same month last year or in 2020. Similarly, July brought in 64,000 barrels of base oil from Bahrain, after none were reported in the same month last year or in 2020.

Base oil imported from South Korea jumped 126% to 403,000 barrels in July, compared to 178,000 barrels. Imports originating from Canada were up slightly at 259,000 barrels in July, compared to 257,000 barrels. Imports from Indonesia surged 186% to 169,000 barrels.

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