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.
| 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 | |||
