The United States’ base oil exports volume jumped 34% in January, while base oil imports rose 10%, according to data released by the U.S. Energy Information Administration.
Base oil exports from the U.S. surged to 3.7 million barrels, compared to 2.8 million barrels in the same month last year. That’s the highest export volume for January since 3.9 million barrels in January 2018.
The only major U.S. base oil export market showing a sizeable downturn was Belgium, with a 40% drop to 276,000 barrels, compared to 457,000 barrels.
The largest increase was 101% in base oil exports to Mexico, reaching 1.7 million barrels, rising from 847,000 barrels.
U.S. base oil exports to Brazil jumped 25% to 457,000 barrels, and exports to Canada increased 6% to 275,000 barrels.
The U.S. imported 1.3 million barrels of base oil in January, compared to 1.2 million in the same month last year. Historically, that was the largest January import volume since 1.6 million barrels in January 2021.
The largest import volumes came from two Middle East countries. The U.S. imported 346,000 barrels of base oil from Qatar, a 13% increase. The import volume from the U.A.E. jumped 49% to 334,000 barrels, compared to 224,000 barrels.
The largest increase in imported base oil was a 91% jump in volume from Indonesia to 109,000 barrels, compared to 57,000 barrels. Imports from South Korea rose 9% to 231,000 barrels.