US base oil export fell nearly 10pc in Dec

Market: Oil products
28/03/25

December US base oil and lubricant exports fell nearly 10pc from year-earlier levels on lower supply and more attractive domestic pricing.

The decline in export volumes was driven by weaker demand in Europe as buyers there worked to draw down inventories. Demand also fell in Brazil as a key domestic producer lowered its prices.
Several US refiners were uninterested in lowering base oil prices to sell into the export market in December. Multiple turnarounds and less light-grade supplies made inventory building more attractive.
Other refiners exported higher volumes in November in preparation for tax assessment season in the end of December.
Exports to Mexico were the highest on record for the month of December and the second highest monthly total for 2024.
Base oil exports to West coast South America fell for a third consecutive month on muted buying interest because of sufficient domestic supplies.

By Karly Lamm

Dec US base oil exports			unit
	24-Dec	m-o-m ± %	y-o-y ± %
Mexico	1,990,000	13.1	13.2
Brazil	195,000	-26.7	-70.0
India	118,000	-8.5	-4.8
Europe	326,000	5.2	-43.4
WSCA	169,000	-41.9	11.0
Monthly total	3,848,000	-1.0	-9.9
Energy Information Administration (EIA)
*Total includes all countires, not just those listed
*WCSA includes Chile, Ecuador and Peru
*Europe includes Belgium, France and the Netherlands

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