November Bump for U.S. Base Oil Exports


November Bump for U.S. Base Oil Exports

The United States exported 74% more in November than the same month last year and also imported 36% more base oil, according to government agency data released Jan. 31.

Exports for November totaled 4.2 million barrels, compared to 2.4 million barrels in November of 2022. Exports to Belgium jumped 264%, from 303,000 barrels to 1.1 million barrels, while those to Mexico rose 138% from 587,000 barrels to 1.4 million barrels, compared to 587,000 barrels.

The volume of base oil sent to Brazil jumped 103% to 379,000 barrels, up from 187,000 barrels.

Base oil exports to Chile grew 52% to 161,000 barrels, and to Colombia rose 20% to 145,000 barrels. Elsewhere in South America, exports to Ecuador surged 300% to 124,000 and those to the Dominican Republic climbed 329% to 103,000 barrels.

The only large export market showing a decrease was Canada, where base oil from the U.S. declined 7% to 268,000 barrels.

Base oil imports into the U.S. increased to 1.3 million barrels in November, up from 967,000 barrels.

The United Arab Emirates, which imported no U.S. base oil in November 2022, imported 242,000 barrels last November. Imports from South Korea skyrocketed to 201,000 barrels, a 2,000% change from 1,000 barrels.

Base oil imported from Canada into the U.S. increased 5% to 306,000 barrels. The one notable decrease was in imports from Qatar, which went down 4% to 355,000 barrels.

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