U.S. Base Oil Exports Jumped in August


U.S. Base Oil Exports Jumped in August

Base oil exports from the United States surged 52%, while base oil imports into the country dropped by 31% in August, compared to the same month last year, according to data released by the U.S. Energy Information Administration.

The U.S. exported 3.3 million barrels of base oil in August, compared to 2.2 million barrels a year earlier. It was the third-highest total for a month this year, behind the 4.1 million barrels exported in both March and May.

Most of the increase for August stemmed from a 163% jump to 1.7 million barrels exported to Mexico.

Other export destinations showing sizeable increases were Brazil, with a 20% increase to 341,000 barrels, and Belgium, with a 37% rise to 253,000 barrels.

The largest U.S. base oil export market showing a decrease was Canada, with an 11% decline to 268,000 barrels. Base oil exports to Ecuador fell 33% to 67,000 barrels.

The volume of base oil imported into the U.S. fell to 1.2 million barrels in August, compared to 1.7 million barrels. It was the lowest volume imported this year, and the lowest for a month since 967,000 barrels imported in November 2022.

The steepest declines in base oil imports included a 48% drop from South Korea to 191,000 barrels, down from 364,000 barrels, and a 30% decline in base oil imports from the United Arab Emirates to 179,000 barrels. The U.S. imported no base oil from Indonesia in August, after importing 194,000 barrels in the same month last year.

Countries that the U.S. imported more base oil from in August included Canada, with a 12% increase to 337,000 barrels, and Bahrain, with an 8% uptick to 69,000 barrels.

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