The United States exported 31% more base oil in October, while the volume of base oil imported into the U.S. plummeted 41%, compared with the same month last year, according to recently released government agency data.
The volume of base oil exported by the U.S. jumped to 3.2 million barrels in October, compared to 2.4 million barrels in October of 2022.
Leading the way were Mexico, where U.S. base oil exports jumped 80% to 1.1 million barrels, compared to 608,000 barrels, and Brazil, with a 57% increase to 359,000 barrels, up from 229,000 barrels.
U.S. base oil exports to Argentina surged 404% to 121,000 barrels to Argentina. The base oil export volume to Brazil climbed 57% to 359,000 barrels.
October marked an uptick in U.S. base oil imports to South Africa and Nigeria. Exports to South Africa rose 18% to 114,000 barrels, while Nigeria was the destination for 289,000 barrels of U.S. base oil, compared to none in October 2022.
Among the few larger exports markets showing declines were Belgium, where U.S. base oil exports dropped 65% to 151,000 barrels, and Canada, a 4% decrease to 259,000 barrels. Among smaller markets, U.S. base oil exports to Colombia decreased 3% to 111,000 barrels.
U.S. base oil import volumes fell to 1.3 million barrels in October, compared to 2.2 million barrels, the U.S. Energy Information Administration reported in data released Dec. 29.
The steepest drop in base oil imports were from countries in Asia. Base oil imports from South Korea dropped 56% to 295,000 barrels, from 671,000 barrels. The volume of base oil imported from Indonesia fell 44% to 52,000 barrels, compared to 93,000 barrels.
Base oil import volumes from two key Middle East countries were down by smaller percentages. Base oil from Qatar was down 7% at 344,000 barrels, while the volume imported from the United Arab Emirates edged down 1% to 248,000 barrels.
The lone increase in base oil imports from a major market was a 9% increase to 302,000 barrels from Canada, compared to 278,000 barrels.