U.S. Base Oil Imports Jumped in October

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U.S. Base Oil Imports Jumped in October
Oil tanker ships approach from Corpus Christi, Texas, on the water of the ship channel leading to the Gulf of Mexico. © Edgar Lee Espe

The United States imported 88% more base oil in October than in the same month in 2021, while exports for the month were flat, according to data released by a U.S. government agency.

The country’s exports of base oil decreased 1% year on year in October to 2.8 million barrels.

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Exports to Mexico fell 32% to 609,000 barrels in October, compared to 886,000 barrels.

Two Western European nations received large amounts of U.S. base oil in October, compared to the same month in 2021. U.S. base oil exports to Finland reached a record 496,000 tons in October, compared to 3,000 barrels. The figure was higher than any exports total to the country since EIA started tracking it in January 1993, with the previous high being 29,000 tons in June 1998. Base oil exports to France jumped to 111,000 barrels, compared to 1,000 barrels.

Exports to Belgium declined 9% to 429,000 barrels, compared to 471,000 barrels.

Base oil exports to Canada decreased 7% to 270,000 barrels in October.

Exports to Brazil dropped 33% to 211,000 barrels, compared to 313,000 barrels. Elsewhere in South America, exports to Colombia were up slightly at 90,000 barrels, compared to 89,000 barrels. Exports to Chile fell 33% to 64,000 barrels, down from 95,000 barrels.

U.S. base oil exports to South Africa jumped 42% to 98,000 barrels in October, compared to 69,000 barrels. That was the highest amount exported to the country since 114,000 barrels in April.

The U.S. imported 2.2 million barrels of base oil in October, compared to 1.2 million barrels, the U.S. Energy Information Administration reported.

Base oil imports from South Korea jumped 43% to 671,000 barrels, from 468,000 barrels. That was the largest volume imported from the country since 678,000 barrels in January 2020.

October saw hefty increases in base oil imports from two countries in the Middle East. Qatar imported 556,000 barrels of base oil to the U.S. in the month, compared to none in the same month in 2021. Imports from the United Arab Emirates jumped 124% to 251,000 barrels in October.

Imports from Canada increased 4% to 295,000 barrels.

Base oil imported from Indonesia declined 17% to 167,000 barrels, compared to 202,000 barrels.

Imports from the Netherlands surged 436% to 134,000 barrels, compared to 25,000 barrels. It was the largest volume imported from the country since 384,000 barrels in August 2021.

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