Brazil’s base oil production jumped 22%, and its base oil imports rose 14% in July, compared to volumes in the same month last year, a government agency reported.
According to the National Agency of Petroleum, Natural Gas and Biofuels, Brazil produced 45,000 metric tons of base oil during the month, compared to 37,000 tons in July of 2022. The number for July of this year was largely in line with the first six months of 2023, where volume ranged between 42,000 and 49,000 tons, aside from 29,000 tons in March.
For the first seven months of the year, the country’s base oil production increased 11% to 307,000 tons.
The South American country imported 73,000 tons of base oil in July, up from 64,000 tons. It marked the second consecutive month that imports topped 72,000 tons, after being in the 51,000-58,000 tons range each month through May.
The highest volume of Brazil’s base oil imports – mainly API Group II – originate from producers in the United States.
The country exported 7,000 tons of base oil in July, a 28% drop from 9,000 tons. Base oil exports were down year-on-year in every month except April, when it was unchanged.