US base oil exports declined by 16pc in March from year-earlier levels, according to Energy Information Administration (EIA) data. They tumbled by 21pc from February totals.
- Many US exports were curbed following the start of the US-Iran war because more refiners were focused on supplying term customers and held onto any surplus.
- Base oil exports to Mexico fell by 46pc in March from year-earlier levels. They ticked down by 2.1pc from February totals.
- US exports to Brazil fell by 27pc from March 2025 and by 24pc from February 2026 totals.
- Many US producers prioritized export opportunities to Europe and West coast South America because of term obligations and more attractive pricing.
- US exports to Ecuador, Chile and Peru — a proxy for west coast South America demand — rose by 21pc in March from year-earlier levels and by 37pc from month-earlier totals.
- Belgium, France and the Netherlands — a proxy for European demand — increased by 8.8pc in March from year-earlier levels. March totals also more than doubled from February levels.
- Demand in Europe most likely increased due to de facto closure of the strait of Hormuz which caused buyers to look to the US for alternative volumes in the second half of March.
- Exports to India spiked to 7,230 b/d in March from 71 b/d in February.
| US base oil exports | b/d | ||
| Country | Mar-26 | m-o-m±% | y-o-y±% |
| Mexico | 28,900 | -2.1 | -46 |
| Brazil | 10,390 | -24 | -27 |
| Belgium | 9,940 | 116 | -1.3 |
| France | 1,900 | 61 | 136 |
| The Netherlands | 70 | -10 | 0 |
| India | 7,230 | 10,016 | 11 |
| Ecuador | 1,770 | -24 | 0 |
| Peru | 3,480 | 122 | 83 |
| Chile | 4,250 | 40 | 0 |
| Total | 110,650 | 21 | -16 |
| *Total includes all countries, not just those listed | |||
| Energy Information Administraion (EIA) | |||
