Base oil imports into Brazil reached their highest level since 2024 in April, as buyers sought to secure as much volume as possible amid limited domestic supply and the low prices prior to the Iran war.
More than 80,000 metric tonnes (t) of base oil entered Brazil in April, according to trading database Comex Stat. This figure is 25pc higher than a year earlier and 35pc higher than March imports.
Most base oil imports arriving in Brazil are negotiated one to two months in advance, so most of the volumes received in April were bought at February and March prices.
Market participants said most buyers were already seeking additional volumes in February because of problems at a key local refinery, which has struggled to deliver its base oil products, especially heavy grades and Bright Stock. Hydrocarbons regulator ANP said production in the first quarter of 2026 fell by almost 20pc compared with the same period a year earlier.
At the beginning of March, after the US-Israel war with Iran broke out and affected base oil prices globally, participants also started to buy additional volumes in anticipation of disruptions.
More than 75pc of all imports came from the US, while Argentina was the second-largest exporter to Brazil and Malaysia was the third-largest
